[oil and gas] significance of the chevron gulf tap

So what’s with the oil find in the gulf? What it basically means is soft demand in the nearest future and perceived steady supplies in the long term should shift the power balance away from the middle-east a little. Seems to me Saudi and other Arab nations playing with a “full house” won’t exactly find themselves bidding on a “pair of knaves” but if the gulf find checks out, it must shore up falling US cred or at least give it room to move in its negotiating position. More here.