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Incentive to drill

02/23/2009
The International Monetary Fund again has lowered its outlook for economic output this year, now seeing 0.5% in economic growth worldwide. This, combined with gloomy unemployment reports and other indicators, has dimmed the outlook for oil and gas supply and demand in the near term.In a recent research report, Deutsche Bank analyst Adam Sieminski wrote that worldwide oil demand in 2009 will contract 1.5 million b/d from a year earlier. He said slowing investment and steep decline curves in mature basins imply that there will be a decline in non-OPEC oil supply for 2009, with more decline to come in 2010.Drilling activity has indeed contracted in the past several months, and the investment...
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