Attached is PIRA's latest "World Oil Market Forecast."

If you have any questions regarding the report's content, please contact
Dr. Gary Ross at (212) 686-6808, email: garyross@pira.com.

Contact Client Services regarding PIRA report distribution and address
changes at (212) 686-6808, email: support@pira.com.

NOTE: Circulation of the "World Oil Market Forecast" outside a Client's
licensed distribution area is strictly prohibited. Clients that are
unsure of their licensed distribution or require an extension of their
current license should contact their PIRA sales representative, or email
to sales@pira.com.

PIRA Energy Group

 - oildec01.pdf