Oil production rising

The Telegraph:

The perfect storm that has swept oil prices to $132 a barrel may subside over the coming months as rising crude supply from unexpected corners of the world finally comes on stream, just as the global economic downturn begins to bite.

But don't look for relief soon. Many analysts expect oil prices to rise the rest of the year.

The ever-diminishing reserves of oil in the earth's crust will doubtless drive crude prices to much higher levels over time - provided no new technology such as nuclear fusion abruptly changes the picture - but that will not stop cyclical ups and downs along the way.

"Ever-diminishing" reserves? Hardly. Proven reserves are the highest they've ever been.