But a strike by oil workers in Norway and heavy maintenance at North Sea fields has exacerbated the shortage this year and sent the price of Brent for immediate delivery much higher.
The index of production grew 0.3% in November, compared with October, but had been expected to grow more as some North Sea oil and gas production resumed following maintenance.
Supply constraints emanating from Iran (hit by sanctions) and the North Sea (afflicted by strikes and unexpected maintenance) are not enough large enough to push the market the other way.
The most pressing problem the Navy currently faces is in its operations and maintenance account, which funds pretty much everything the sea services need except for military pay and weapons purchases.
Such reductions would likely preclude the maintenance of the sort of balanced deterrent posture based on a "Triad" of land- and sea-based missiles and long-range bombers that the United States has correctly deemed necessary for decades - and that may be needed more than ever in the future.