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Media Advisory - America's top oil suppliers to slash exports by 2012: CIBC World Markets
Global supply gap, surging prices will shift attention to oil deposits north of border

NEW YORK, Sept. 27 /PRNewswire-FirstCall/ - CIBC - Six of the largest oil suppliers to the U.S. are poised to significantly cut exports by 2012, ramping up pressure on supply and price, and intensifying the focus on one of the last great deposits open to private investment: Canada's oil sands.

The forecasted cuts by Mexico, Saudi Arabia, Venezuela, Nigeria, Algeria and Russia are the subject of a keynote address that Jeff Rubin, chief market strategist and chief economist at CIBC World Markets will deliver at the firm's Industrial Conference Oct. 2 in New York City. In his remarks, Mr. Rubin will share his latest research on the global oil supply/demand balance, with specific focus on the size and scope of the oil supply crunch facing the U.S. over the next five years.

Mr. Rubin's calls on oil prices, currency valuations and carbon taxes have garnered international headlines and have been instrumental in bringing key economic issues to the spotlight. Earlier this year, he predicted that oil prices would reach US$80 and that the U.S. and Canadian dollars would reach parity in 2007. He has also renewed a call made in 2005 that oil would reach US$100 a barrel by the end of next year.

In recent reports and at a major oil and gas conference in Ireland this month, Mr. Rubin explained that surging domestic demand is eating into the export capacity of the world's leading oil-producing nations. With production likely to plateau or decline in these countries, he expects global oil exports to fall by seven per cent, or 2.5 million barrels a day by 2010. Mr. Rubin's keynote address Oct. 2 will explore the U.S. ramifications as its major oil suppliers (excluding Canada) will soon be unable able to meet current demand.

Mr. Rubin says diminished supplies and higher prices will lead the markets to rely more on higher cost unconventional deposits, like the Canadian oil sands which he believes will surpass deep water wells as the single largest source of new oil exports by decade end.

Media Attendance

Attendance at the conference is by invitation only. Media wishing to attend are required to register in advance by calling Tom Wallis at 416-980-4048.

About the 2nd Annual CIBC World Markets Industrials Conference

An impressive gathering of leaders from more than 50 public and private companies are also scheduled speak at the investor conference. Attending firms span a range of industrial sectors, namely: aerospace, defense, industrial services, chemicals, building products, steel, industrial multi-industry and industrial diversified.

For more information including a listing of participating companies, go to: http://conferences.cibcwm.com/Industrials07/. An audio web cast of the conference will be available online (enter code: industrials2007). The list of companies presenting is subject to change. The Industrials Conference is organized by CIBC World Markets Institutional Equities.

CIBC World Markets is the wholesale and corporate banking arm of CIBC, providing a range integrated credit and capital markets products, investment banking, and merchant banking to clients in key financial markets in North America and around the world. We provide innovative capital solutions and advisory expertise across a wide range of industries as well as top-ranked research for our corporate, government and institutional clients.
CIBC World Markets