New High for Crude Oil Prices

Rising consumption in the US, China and countries like India is expected to push up worldwide demand for crude oil in the years to come. But the long-term supply situation looks not too promising as chances of finding massive low cost reserves appear slim. Studies have also shown that the major low cost oil fields in Saudi Arabia have reached their peak and the kingdom could see a 30 to 40 per cent decline in production within three to five years.