The fact that most oil-exporting countries are developing economies has important implications for oil supply which have not been properly taken into account in the literature on exhaustible resource depletion. In this paper we examine how depletion policies are affected (a) in the presence of terms of trade uncertainty, given the high degree of the major oil exporters' "dependence" on crude oil revenues; (b) in the presence of investment time lags which delay the exploitation of (some of) th...