Author Description

The global energy market responded to the uncertainty of world oil supply and prices through the pursuit of increased energy efficiency and multiple energy sourcing. The evolution of the world oil market and the likely path of crude oil prices continue to play a key role in shaping domestic energy policy and energy sector planning. This report is the 2nd in a series of research studies designed to monitor developments in the world oil market, to assess the likely impact of key uncertainties affecting the market, and to provide a reference crude oil price path upon which industry and government can base their investment decisions and policy prescriptions. The centrepiece of the research effort is the CERI world oil market model, an integrated supply-demand model capable of generating consistent projections of world oil prices or OPEC production levels under a wide range of plausible assumptions regarding world economic growth, product demand response to oil price and income changes, and ultimate potential oil reserves in the non-OPEC oil producing countries.