It seems pretty silly to caution that oil prices could rise in 2009 as we face the worst recession in decades. Demand fell more than 5% in the largest oil consumer in 2008 (our United States of America) and global oil demand is expected to fall another significant amount in the year ahead. But the long-term supply picture is not a rosy one and Saudi Arabia has shown a willingness to lower production in such circumstances. (more…)