Global Oil Market Outlook Q409

While this quarterly report features the final tweak to our 2009 oil price assumption, it is the much more substantial revision to the 2010 forecast that is worthy of comment. Risks abound, however, as the path to recovery is strewn with obstacles. Not least of these is the uncertain state of the global economy. Developing market trends are definitely encouraging and there are signs of promise in the OECD world. It would be foolish to ignore the possibility of so-called 'double dip' recessions in some key countries, but our assumptions are based on a significant and sustained improvement in 2010 oil demand as economic activity picks up.

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