What is keeping oil prices so high?

Despite an emerging global consensus that oil prices are dangerously high, there seems little chance of the cost of oil falling significantly in the near future.

Analysts say measures agreed at Sunday’s crisis summit in Jeddah are unlikely to have a dramatic impact on market trends.

But what is keeping prices close to record levels of almost $140 a barrel?

Analysts say growth in global supplies is worryingly failing to keep pace with growth in demand

Supplies from countries such as Russia are thought to have peaked and finding new sources of oil is difficult and expensive

Increasing reliance on members of the Middle-East dominated oil producers group Opec, many of which are already pumping as much oil as they can

Saudi Arabia is one of few countries with spare capacity but it has been reluctant to boost output substantially

BBC