The Saudi Arabian oil minister, Ali Naimi, warned that world oil supplies are becoming limited even as crude oil prices hit an all-time high of $119.86 a barrel on Tuesday.

The Financial Timesreports:

In unusually frank remarks, Ali Naimi, the kingdom’s oil minister, said: “Limited capacity along the entire supply chain is the real source of current global supply tightness and represents the greatest threat to ensuring adequate energy to fuel future economic growth.”His comments came as oil prices rose to a fresh all-time high of $119.86 a barrel on worries that supply outages in Nigeria and the UK could cause shortages in the market.

Oil prices have almost doubled since April 9 last year, when a barrel of crude oil only cost $61.51. As the U.S. dollar continues to plummet and as the world’s oil supply fails to keep pace with the growing global demand, oil prices will continue to rise, and nations will resort to fighting for the resources they need to keep their economies moving.

For more information on world oil shortages and the resulting resource wars, read “The First Oil Shortages” and “The Battleground.”