On September 8th, IHS Cambridge Energy Research Associates (CERA) have released their new quarterly World Oil Watch report. According to the report, major exploration activity in the first half of 2009 has already increased global oil reserves for more than 10 BBO. If the current pace of discoveries continues for the second half of 2009, global reserves will reach their highest level since 2000.
World oil demand is predicted to grow for the first time since 2007 and may reach pre-recession levels by 2012. Emerging markets will be the chief drivers for the predicted growth in demand.
The IHS Press Release can be found here.