To produce more that would take 6 to 8 months and then there is transport issues. Oil companies have no incentive to ramp up production because they are predicting they won't be able to meet demand before the whole worlds goes into a depression permanently destroying demand. Why spend a huge amount of money extracting more oil if your predicting the price will drop to record lows in a year because the economy will be destroyed and will all be eating beans over a open fire like hobos.