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Oil prices are expected to soar this year, which could result in energy suppliers increasing their costs.
According to analysts at investment bank Goldman Sachs, oil prices could reach $95 (£61) a barrel as the global economy begins to return to positive growth levels, which could compromise the low prices of cheap energy.
Improved economic activity and an increasing demand for oil is expected to pull Opec spare capacity back into the market.
"We continue to expect that as the near-term fundamentals of the oil market continue to improve, strengthening timespreads will lift crude oil prices into this $85-$95 per barrel range," Goldman Sachs said.
In early morning trading today (Tuesday 23rd February), oil prices remained above $80 per barrel in spite of a small fall from the previous day when prices peaked at around $80.51.
Strikes at Total's French refineries have entered their seventh day as workers stage protests against the company's plans to permanently close one of its six refineries in the country due to weak demand for fuel.
The protests have raised concerns over fuel supply shortages which pushed up oil product prices and supported crude oil futures.
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