Fear fuels the new global oil rush

Renewed concern about oil supplies caused by rising demand has driven a spate of recent oil discoveries

New technology, higher oil prices and a renewed sense of urgency due to expected rising demand after the recession have all fed the new oil rush that has triggered a glut of discoveries.

Warnings from peak oil theorists may have encouraged many countries and companies to redouble their efforts, which could lead to the tipping point on oil supplies being put back.

Exploration efforts have been made easier by strong oil prices which reached $147 per barrel in the summer of last year, and although they have dropped back to around $70, this is still high by historic standards.

Iran has announced a truly huge discovery of 8.8bn barrels in recent days, but many of the strikes have been in emerging new areas such as such as Uganda and western Greenland.

Guardian