That concern is gaining some currency.
As of most recently, #OPEC was still cutting supply by 2.26 mln bpd - ex-Libya/Nigeria. Add them back in, and they're down by approx 1.56 mln bpd.
The spread right now - that is, Texas oil to futures - is about $8-$9 a barrel.
So if you don't hedge it, you get screwed.
(and yeah, I know that's Pembleton below. Not a lot of Meldrick gifs.)