Review of Oil Market in 2005,Outlook for 2006

摘要

With 2005 coming to a close,the estimate for world GDP growth now stands at 4.4%,lower than the spectacular growth rate seen in 2004,as rising interest rates and higher energy prices have moderated the growth of demand.This estimate shows a slight increase over our initial forecast for the year of 4.3% due to higher than expected growth in China and developing countries.In regional terms,the USA has grown strongly throughout the year and Japan has also shown an encouraging recovery.The economic performance in Europe has been disappointing although recent data suggests an improvement in the second half.Global inflation has remained under control and this price stability should allow the expansion to continue into 2006.