World Oil Demand Soars As Reserves Dip, Fueling Prices — And Possibly Conflicts

When oil broke the $50-a-barrel barrier in late 2004, uneasiness rippled through markets and capitals around the globe. A small but growing voice in the oil industry said the price spike was merely a taste of what’s to come. In Part 2 of this series, RFE/RL takes at look at the state of some of the world’s key oil fields, including in Saudi Arabia, the hope of Caspian oil — and the risk of resource wars amid growing world demand for “black gold.” (In Part 1, RFE/RL examines the so-called peak oil movement, which predicts world oil supplies are about to peak and then start a slow downward slide.)

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