Monthly Oil Bulletin - March 19, 2009 (PDF report)

"Oil prices recovered as weaker dollar, curtailment of investment by oil companies and implementation of output cut by OPEC is raising some supply concerns despite weak oil demand. US crude oil price crossed the US$50 per barrel mark for the first time in four months. US crude increased by 37.6% during the review period (17 February 09-19 March 09) to settle at US$51.61 per barrel mark. US crude has lost 64.4% since it reached an all-time high of US$145.16 per barrel on 14 July, 2008. Simultaneous recession in the US, Euro-zone and Japan along with slowdown in growth in the emerging economies is pointing towards weaker demand for oil in 2009. However, efforts by major countries to stimulate their economies and efforts by OPEC to balance the supply-demand mismatch is providing support to oil prices. OPEC basket and Kuwait export crude price followed the same pattern increasing by 12.5% and 16.5% during the review period to settle at US$47.39 and US$47.95 per barrel respectively."