The drop in oil demand due to the world economic downturn, and recent oil exploration successes in Brazil, the US and west Africa, may have allayed fears that the world is running out of oil, but prices could rise once again as the economy recovers and demand outstrips supply.

That is exactly what happened in the summer of 2008, when oil prices surged to records of $147 a barrel as oil producers pumped as much oil as they could, but still failed to quench the thirst of the growing Chinese economy.