When international oil prices continue to rise, we can expect the supply curves of oil-based products to shift to the left. The high cost of oil has caused many companies to supply it in the long run as the world's quantity of oil will be reduced. Fewer using their personal cars will now start using public means because of the high cost of oil. Oil companies will hold on to higher future expected returns if prices continue to rise. This reduces overall the world supply of oil as the supply curve shifts to the left.