Oil reserves are based on profitable recovery based on current oil prices. With the higher oil prices more oil is recoverable from current fields and new oil fields will be explored. An example of this is the huge reserves in Alberta's oil sands, where production is currently limited by available labor. At current oil prices recovery is very profitable. If the higher oil prices stick many newer fields will be explored in northern Canada.
It is true that the rapidly developing Asian countries will consume an increasing amount of oil, but unfortunately the west is consuming an increasing amount, particularly in NA because of our excessively large vehicles. In Europe much higher gasoline prices limit vehicle size. Obviously gasoline isn't expensive enough yet in NA.