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Global Monthly Oil Bulletin

Source: Global Investment House

OPEC Keeps Output Level Unchanged

Oil markets bid farewell to the year 2009 on a high-note as crude oil prices recovered from the battering they received from the global recession in early part of the year. In view of the recovery in oil prices, OPEC decided to keep the output levels unchanged in its latest meeting. US crude decreased by 5.5% during the review period (23 Nov 09-21 Dec 09) to settle at US$72.47 per barrel mark.
The year 2009 will go down in the annals of history as the most turbulent year since the Great Depression. Global economy contracted by 1.1% (IMF forecast), equity values went south, and oil prices fell below US$35 per barrel mark before recovering from March onwards as Governments of major countries took unprecedented steps in the form of stimulus packages to stave off a prolonged recession. Major banks and financial services companies needed government support as the sub-prime mortgage crisis wiped off balance-sheet values and clogged the financial system. The world economy is now expected to grow by 3.1% (IMF forecast) in 2010 driven by government spending. However, eventually private consumption will have to overtake government spending to keep the wheels of economic growth moving. In view of this, the economic recovery is likely to be slow as governments will look for the right timing to withdraw stimulus measures. OPEC basket and Kuwait export crude price followed the same pattern decreasing by 5.1% and 7.4% during the review period to settle at US$71.88 and US$70.97 per barrel respectively.

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