CERA Chairman and Pulitzer Prize-winning author of The Prize: The Epic Quest for Oil, Money and Power Daniel Yergin added, Future demand is particularly uncertain today because of the impact of high prices on consumers, the depth of the recession, the shifts in the automobile industry, and the introduction of new energy and climate change policies.
But, the report says, if demand growth is eventually far greater than expected, especially in emerging markets, and current, prolonged low oil prices persist and productive capacity growth stalls even more than expected, a new period of tight supply and strongly rising oil prices could mark the next turn in the oil cycle.
