Nigeria and the future of crude prices

Almost all of the focus on crude prices has been based on falling production and rising demand from large nations like China. These forces and, perhaps, aggressive speculation, have caused oil prices to rise nearly 100 percent since the first quarter, putting the price per barrel at about $70.

The thinking behind explanations of future increases in oil prices is based on the fact that countries like Saudi Arabia are running low on oil and are not prepared to make tens of billions of dollars of investments to find and drill new fields.