Global Oil Market Outlook

April 2009
China Oil & Gas Report;Q2 2009, p15
Industry Profile
The article offers an overview of the global oil market as of the second quarter of 2009. It forecasts that crude prices remain below US$50 per barrel for much of the year and then spending will fall and some companies may fail. It notes that oil over-supply will become a much bigger problem and Organization of Petroleum Exporting Countries (OPEC) will struggle in finding a solution. Moreover, it states that the market will need a further 6.53 million by 2018.


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