Oil markets bid farewell to the year 2009 on a high-note as crude oil prices recovered from the battering they received from the global recession in early part of the year. In view of the recovery in oil prices, OPEC decided to keep the output levels unchanged in its latest meeting.World oil demand is expected to average 84.3mn bpd in 2009, a decline of 1.4mn (1.6%) bpd YoY (OPEC). Total US commercial stocks stood at 1,088.1mn barrels at the end of November 2009 compared to 1,089.5mn barrels at the end of October 2009
To download the full report: Monthly Oil Bulletin - Global
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