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Not much headway is expected in terms of oil and gas discoveries in 2009

With the wide fluctuation in oil prices in 2008, stemming initially by high demand and speculative activity to a steep drop because of global recession, it is difficult to predict what will happen to crude prices in 2009. Much will depend on remedial action taken by the new President of the USA Mr Barack Obama to get the country out of its own recession, which will have a positive global impact. But hazarding a guess, I would suggest that despite the cut by OPEC in its production of 2 million barrels per day, demand is likely to be weak, and crude prices will range between $ 40 and $ 60 per barrel.

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