Oil Prices Expected to Soar to Feed Global Appetite

While many private forecasters already had concluded that the era of cheap oil was over — with some warning that the era of peak oil is not far away — the energy agency had been perennially optimistic that oil would stay plentiful and inexpensive.

Its stand was increasingly dubious, however, in light of recent developments ranging from the failure to find any major new reserves of oil in recent years to questions about the reliability of Saudi Arabia’s claims about having reserves large enough to feed the world’s escalating appetite for oil.
Washington Times