BP, one of the world’s largest crude oil producers, is making new investments in oil production, while oil consumption heads to a record level this year, according to the International Energy Agency. This follows CEO Bernard Looney's recent announcement of ambitious plans to cut emissions. The increase in demand, coinciding with slowing supply, has led market observers to expect oil prices to return to $100 a barrel later this year. Saudi Aramco CEO Amin Nasser noted the strong demand from China, the world's second-largest crude consumer, which is expected to reach a record level this year. The crisis complicates central banks’ efforts to tame inflation.