Opec action considered key to oil outlook

Opec’s actions and price aspirations will be key to the price outlook for crude oil, says the latest report from Standard Chartered Bank.

It said that supplies are improving and demand growth has eased although it is still firm.

“We expect global growth to slow a little in 2007, led by the US where we now anticipate GDP growth of 2.8 per cent in 2007, down from 3.3 per cent in 2006. The slowdown in the US will inevitably have some impact on the rest of the world but growth is generally still relatively firm.”

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