No. 10


Oil Demand, Supply And Prices To 2010

For the second year running the price of oil defied expectations, soaringabove the level prevailing in 1995 at a time when it was expected to fall. Moreover, forthe second year running the market waited for some Iraqi oil to make an appearance and itdid not. We think these two statements are not unconnected, for the oil market has neededmore OPEC oil over the last couple of years than it has received.

Such has been the...