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I fully agree that oil and it's products will become increasingly expensive.
China is exploding with industrial development, and it's only just begun.
The world oil market can handle those demands when the infrastructure is set up to do so, but the building of that infrastructure takes time and lots of money. Those costs will be borne by the consumers all over the world.

Predicting reserves is the job of reservoir engineers, and they'll be the first to tell you that a lot of witch doctoring is involved in any projection of size.
There was a large reserve discovered in Iran, but I don't remember the size.
When I look at reserve figures I class them in a relative sense rather than as a finite figure.

when the infrastructure is set up to do so

I agree with all your remarks. I wonder if the infrastructure is robust. The recent price increase to close to $44 a barrel wasn't related to pipeline capacity, oilfield development, oil tanker availability, or anything else of a plant capacity. I would count the futures market as part of the infrastructure, and that is where things have gone haywire for the moment. All the same there is now an instability in the system and that instability could continue and grow worse even while Putin and the Saudis and all act quickly every day. Rumors are having a strong effect, which wouldn't be the case if the infrastructure were strong.