Purvin & Gertz announces the release of the Global Petroleum Market Outlook 2008. The study provides an in-depth analysis of global and regional markets for crude oil and refined products within a framework of world energy demand and economic activity through 2025. Supply forecasts are based on expected production levels of crude oil, natural gas, alternative fuels, and refining facilities in each country. The study considers the operating/commercial constraints of existing facilities, as well as capacity and start-up dates for new refining projects, in forecasting overall supply. Demand for refined products is analyzed and forecast in the context of emerging trends in biofuels, alternative fuels, vehicle preferences, and government mandates. The prospects for future world market developments are examined and the likely impact on crude oil trade, refined product trade, and pricing are assessed.

Key conclusions of this year’s analysis include:
· For the third year in a row, high prices slowed growth in demand for refined products worldwide. Consumption declined in a large number of countries in 2007, and was virtually stagnant in a number of others. However, refined product demand growth continued in China, the Middle East and other regions resulting in net growth worldwide. Looking forward, demand growth is expected to be the strongest in the developing countries as their economies expand.
· The supply side has been severely challenged by widespread shortfalls in production in countries such as Nigeria, Mexico, Venezuela and the North Sea, to name a few. Traditional heavy crude suppliers are experiencing production challenges at a time when more heavy crude processing capacity is expected to start up.
· More aggressive biofuels mandates are contributing to supply growth in many countries, but our analysis indicates that not all targets will be met.
· The projected start-up of export refineries in various regions will provide more supply capacity at a time when demand growth is slowing.
· High crude oil prices combined with potential oversupply of light products will likely lead to lower worldwide refining margins over the next few years.

Please visit our website at http://www.purvingertz.com for more information. For expert comment contact Tom Manning or Alfred Luaces by phone at +1 713 331-4000.