From a global perspective, however, the regulatory effort needs to be carried out by the widest range of jurisdictions as made clear at the recent G20 meeting in Moscow. Significant efforts are also expected from the industry.
*** The longer-term outlook for oil and gas is, if anything, more conjectural. Much will depend on the response of demand to price over the longer run. Prices of spot crude oil and natural gas have risen sharply over the past year in the face of constrained supply and the firming of overall demand.