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CHAPTER ONE
Developments in Global Markets
The slowdown in growth has not only hit the industrialized
economies, but included the major emerging economies, especially
China and India, which have witnessed some decline in their growth
rates compared with the previous year, although those rates are still
relatively high.
In light of the continued availability of supplies, global oil market
has witnessed a state of balance and relative stability. Global oil
market has achieved several records during the year whether it is
PART ONE
INTERNATIONAL DEVELOPMENTS
IN OILAND ENERGY
CHAPTER ONE
DEVELOPMENTS IN GLOBALMARKETS AND
THEIR IMPACT ON OAPEC MEMBER COUNTRIES
FOREWORD
Year 2012 witnessed a more than expected
slowdown in global economic growth rates, the
continuation of faltering economic recovery and
the growing pessimism about future prospects. This
is due largely to concerns about the sovereign debt
crisis in the Euro zone that started in Greece and
spread to include other countries in Europe, which is
an extension of the global financial crisis that hit the
world in the summer of 2008.
