I want to add a point to Roberts post which I think is critical. There is a time delay between rising prices and reserves being brought into production.
Example: Some $70/b reserves start being explored when oil prices stay above $80/b for some 3 months. Exploration takes 9 months (just an example, remember?). So oil is above $80/b for 12 months before production rates are added.
I would expect that oil prices rise in that year. If they pass a certain level, demand will collapse due to economic turmoil that they cause. Prices will follow to decline. Shai Agassi calls the result a "whiplash curve", taking out the economy. See his TED talk at 10:35.
No, I really don't want to be in the shoes of those that have to decide when to start explore new reserves and at what price.