Oil-consuming countries and international oil producers no longer influence oil prices, reports AFP, as a global gathering of energy elite gets underway in Rome and the price of New York oil struck a historic peak at $114.49 per barrel.

International oil majors now control a mere 6% of oil and 20% of gas reserves, according to the report. The rest is in the hands of national oil companies.

The unpalatable reality is that national producers such as Venezuela or Russia today have less need of international oil majors to help them develop their untapped reserves.

Just eight years ago Russia was the most promising oil region outside the Middle East. Its rapidly growing output helped meet soaring Chinese demand and limited sharp oil price rises.