Leo Drollas, chief economist at the Centre for Global Energy Studies in London, believes that oil prices will fall eventually, but not until the middle of next year.

FORBES: Magazine Article

Julian Lee, an analyst at the Centre for Global Energy Studies, says that the increase in Russian production, from 6m barrels in the late 1990s, is not sustainable.

ECONOMIST: OPEC and Russian oil

But in the short run it will have to burn more oil: at least 300, 000 barrels per day (bpd) more, according to the Centre for Global Energy Studies in London.

ECONOMIST: The world economy

What is more, says Leo Drollas of the Centre for Global Energy Studies, a consultancy, they are unlikely to agree to big cuts for fear of further blighting the world economy.

ECONOMIST: The anti-West

Announcing plans to sell Citgo is just a way for Chavez "to keep the pot stirred, " says Robert Ebel, global energy analyst with the Center for Strategic and International Studies in Washington.

FORBES: Hugo's Folly

"There is little doubt that China's growing consumption changes what ability we have to control our own destiny within global energy markets, " said David Pumphrey, a senior fellow at the Center for Strategic and International Studies.

WSJ: China Becomes World's Biggest Energy Consumer