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.

The concept of “Peak Oil” is becoming the conventional wisdom among global investors this decade. After all, it’s difficult to deny we’re reaching maximum oil production, when crude prices continue to hit new inflation-adjusted highs.