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Oil prices could be set to spike again in the coming years as the recent fall in production begins to take its toll on the market, it has been claimed.
Peter Voser, chief executive of energy giant Royal Dutch Shell, said supply may struggle to keep up with demand as many of the world's oil fields continue to decline.
He added that the impact of the recession, combined with last year's plunge in oil prices, has prompted many companies to cut spending on exploration and production.
But with energy demand expected to pick up as the world economy begins to recover, Mr Voser predicted a shortfall in supply that could send prices soaring in the next five years.
The outlook could prompt some residents to stock up on supplies of home heating oil now, with any rise in crude values likely to have an impact on the cost of the domestic fuel.
Last summer, oil prices reached record highs of more than $147 (€101) a barrel, before the onset of the recession stifled demand and dragged the market back down.
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