Global growth has cooled a bit in recent months. The expansion in the US and UK has continued, but China’s economy has slowed further, the euro-zone is stagnant and Japan is in recession. Looking forward, the $45 slump in the price of Brent crude since June should provide a net boost to demand. Indeed, it will save consumers in the four major advanced economies over $200bn a year in motor fuel costs alone. Meanwhile, oil exporters in aggregate are unlikely to cut their spending significantly.
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