• Oil prices weaken in March, reflecting European crisis fears following Cyprus deal, a recovery in North Sea oil production and a return of South Sudan oil exports. Most notable declines were recorded for Brent and Tapis oil.
• Global oil demand forecasts for 2013 revised down reflecting marginally lower expectations for global growth on the back of higher uncertainty about the stability of the euro.
• We remain relatively optimistic about the outlook for oil prices. The impact of stronger global demand on prices is expected to outweigh the effect of improving supply-side factors over 2013, even when taking into consideration the likelihood of tightened supply from the Middle East.

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• Oil Market Update – March 2013 (PDF 241 KB)