The year 2010 marks a crossroads in global energy markets with signposts pointing to fundamental changes ahead. 1. THE BIG PICTURE of the world oil market is still dominated by a big signpost that points down a highway of supply too narrow to carry the accelerating road train of demand. Petrologica plots the route map. 2. OIL PRICE defies demand and supply fundamentals and becomes a financial commodity asset. Both demand and supply are increasingly insensitive to the price of oil. 3. IRAQ challenges Saudi Arabia with a reserves hike to 146 billion barrels and plans to push production to 12 million barrels a day, which would make the country the world’s largest producer, if it happens. 4. VENEZUELA stakes a claim at the top of the world’s oil reserve rankings as “unconventional” heavy oil goes mainstream 5. CHINA leads state company rush to secure access and ownership of a huge portfolio of global oil assets, limiting private sector expansion 6. BP’s MACONDO blow-out moves the bar upwards for deep water oil and gas costs but will not deter exploration and production 7. North American SHALE GAS hits hyper hype and runs into trouble too