I’m not talking about the oil companies, they don’t own much oil, I’m thinking more of opec.
If anything, they are losing clout with the drilling going on elsewhere, especially plays like the Bakken and Eagle Ford, and the Canadian Tar Sands.
The oil companies (well larger international ones) are the ones who drilled those wells, too, for the most part, at least where the oil industry was not "nationalized" and the terms of the lease agreements were adhered to.
Overseas, there is a geopolitical risk as well as the geological and engineering risks involved in drilling exploration and development wells. (With the EPA and other agencies trying to find a way to impede drilling here, it is nearly as bad in some places).
Look at what happened when Hugo took over in Venezuela, for instance. He declared changes in production agreements, and siezed equipment as well when the oil companies started pulling out.