The oil reserves in operative oilfields started declining years ago but the world needs and demands more and more oil year after year. In the last 20 years,we haven’t discovered any important oilfields and the new ones are very difficult and very costly to operate. Most of them are placed in far open sea and in very deep water sea. The other ones are placed in land but in abysmal depths with low capacities. Take a look at the above chart. During the 1960s, for instance, we consumed about 6 billion barrels per year while finding about 30-60 billion per year. Those consumption/discovery ratios have nearly reversed themselves in recent years. We now consume close to 30 billion barrels per year but find less than 4 billion per year.Oil at so low price is causing significant cutbacks in investments and spending-cut in new oil explorations, Low oil prices and the lack of global liquidity to finance new hydrocarbon exploration and production are causing concern about future supplies and prices. We hear almost every day about a project being postponed. Around the world, 40 to 50 new projects are vulnerable at today’s prices.$100 barrel is too cheap for something that moves the world and that is so scarce. if usa, japan and Europe want to recover the crisis they must recover the employment, in order to revive the economy they must put money in it, then the people can get employment and buy cars and houses, it means opened factories and banks, it means money in hand, and IT MEANS OIL DAMAND, this is the true reality, Geopolitical conflicts with Iran in Persian gulf and strait of hormuz, problems in Venezuela, terrorist attacks in oil fields, etc .etc. natural disasters in gulf of Mexico, India, China, all these MEAN OIL DAMAND, but the world must go on and on, so no matter how long it takes, we will see oil at $147 0r $200 or maybe more, who knows!