Purvin & Gertz Releases Global Petroleum Market Outlook

HOUSTON, May 5 /PRNewswire/ -- 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.


  About Purvin & Gertz

Purvin & Gertz is an independent energy consulting firm providing technical, commercial and strategic advice. Purvin & Gertz specializes in servicing clients involved in the production, processing, transportation and marketing of oil, natural gas and gas liquids, and petroleum products. Headquartered in Houston, the firm consists of an international network of offices in Buenos Aires, Calgary, Dubai, Long Beach, London, Moscow and Singapore. Purvin & Gertz is an employee-owned consulting company, independent of any parent company, engineering firm, equipment manufacturer or process licensor. Please visit our website at http://www.purvingertz.com/ for more information. For expert comment contact Tom Manning or Alfred Luaces by phone at (713) 331-4000.

CONTACT: Talia Szymanski of Purvin & Gertz, +1-713-331-4000, tszymanski@purvingertz.com

Web site: http://www.purvingertz.com/

COPYRIGHT 2008 PR Newswire Association LLC
COPYRIGHT 2008 Gale, Cengage Learning