While Australia is the best part of 10-years behind the U.S. in terms of exploring for and developing its unconventional oil and gas potential it is a country which featured prominently in a 2011 analysis of world shale gas potential by the U.S. Energy Information Agency.

FORBES: Chevron Gets A Sniff Of Australian Shale Gas

But President Bush has repeatedly shown an unwillingness to sign anything that will punish the oil industry for its profit potential.

FORBES: The Oilmen Cometh

Russia risks scaring off investors of all stripes, as well as potential customers for its oil and gas.

ECONOMIST: Vladimir Putin's Russia

But now the oil majors are turning their attention to Kurdistan and its potential to produce two million barrels a day.

FORBES: Iraq - but not as you know it.

Iran hopes to find new customers to replace refiners unable to buy its oil due to the planned European embargo, but the list of potential buyers is shrinking.

WSJ: What's News

But the Hebron oil field is believed to extend southward into U.S. waters with its billion-barrel potential.

FORBES: Move up http://i.forbesimg.com t Move down

If demand for oil is strong then Opec might well survive even if it has to contend with an Iraq fulfilling its potential.

BBC: Opec ponders Iraq's vacant seat