It took 40 months for oil prices to rise from $50/bbl to nearly $150/bbl, but only four months to fall back again. With recession now dominating the global economy and - for the first time in 25 years - with negative oil  demand growth, oil prices remain low, despite OPEC’s planned production cuts.

Find out the drivers behind the oil price turbulence in 2008, and what we can expect for the year ahead with the CGES’ Annual Oil Market Forecast and Review 2009.

The Annual Oil Market Forecast and Review 2009 provides you with a definitive source for the Centre’s views on the events in the global oil industry over the past year and its expert forecasts for 2009. This valuable reference tool offers a comprehensive, un-biased analysis.

It comes in an easily accessible format that includes more than 200 detailed graphs and tables.

The Review

Drawing of the Centre’s extensive data resources and analytical skills, the Review section assesses the key industry issues that led to the volatile oil market in 2008. This includes detailed analysis of the following:

• Oil inventories
• Oil prices
• Oil demand
• Non-OPEC supply
• OPEC production
• Oil trade
• Refining
• Retail prices and taxes

The Forecasts

The path of oil prices in 2009 will largely be determined by the balance of downward pressure from the weakening global economic outlook and upward pressure from OPEC supply cuts. The Forecast section pulls together the unrivalled expertise of the Centre’s analysts, to provide a thorough examination of these main factors that will affect the oil market in 2009, together with analysis of the prospects for non-OPEC oil supply, refining capacity and the risk to OPEC oil production.

The Scenarios

Our supply and demand scenarios for 2009 cover a range of cases including falling demand and OPEC output cuts. Each scenario is presented with un-biased analysis and forecasts.

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