OPEC is also expecting global oil demand to slide even further over the next year with the total global requirement averaging 85 million barrels per day.
What"s in store for crude oil this year? No one seems to have the answers for this multi million dollar question. Some key factors might help to find out the answers. Would OPEC be able to stand by its commitments? How the global economy would behave in 2009? How emerging economies like India and China would behave in the changing global environment? However, the New Year also indicates trouble for oil. The IEA Annual Energy Outlook for 2009 predicts that American oil use, instead of growing rapidly, will remain mostly unchanged through the year 2030.
OPEC is also expecting global oil demand to slide even further over the next year with the total global requirement averaging 85 million barrels per day by the end of 2009.
Surely, the wild swinging oil prices were one of the most closely watched scenarios of the past year as it swiveled from peak to plenty and from top to bottom especially during the latter half of 2008.
Oil prices crossed the coveted $100 mark for the first time in history last year and then it continued and continued registering one peak after the other, touching the $147 a barrel mark on July the 11th to be exact.
And precisely at that moment, there were discussions all along of oil going even beyond the $200 mark.
The entire world was at a loss, not knowing what the truth was. But now all this seems to have changed drastically. In less than six months, oil industry stands completely transformed.
Oil industry now is in the grip of what is being termed as over capacity. The year 2008 marked the worst ever year in the history, as far as oil markets were concerned.
Can oil prices come back with a vengeance or is it going to get another slap in the face is a wild guess now as no one seems to make predictions this time.