Crude oil is produced by a number of countries around the world. They have formed an organization called OPEC: Organization of the Petroleum Exporting Countries. From the website: "OPEC's mission is to coordinate and unify the petroleum policies of Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital to those investing in the petroleum industry."
If you are interested in OPECs view about crude oil for the years to come then the document below is something you will want to read.
Excerpt from the document:
In the summer of 2007, the OPEC reference basket of crudes (ORB) averaged $71/b. By June 2008, the ORB had passed $130/b. Of course, these recent oil price movements need to be seen in the context of a price surge in all commodities, be they energy, metals or agricultural products. For example, in the energy group, coal and uranium prices have risen even more than light sweet crude. It should also be noted that the oil price surge has occurred when there has not, at any time, been a shortage of oil.
Prices were very low throughout most of the 1980s and 1990s. This had a dramatic impact on the oil industry. It meant investments were scaled down, drastic cost-cutting strategies were put in place, research and development spending was reduced and, more importantly for the longer term, the oil industry no longer attracted the much needed skills from those just beginning their careers.
To continue reading see the pdf below: