In this issue of the Signpost Tracker, we look at dark clouds ahead for the global economy – and where the global energy industry could find silver linings of opportunity. Last week the US Federal Reserve kept interest rates on hold, as the deteriorating global economic outlook brings down US inflation forecasts. Yet as China's economy slows, urbanisation and a growing middle class are fuelling new growth for oil demand. And in the run up to the UN Climate Conference in December, the number of corporations reporting on carbon pricing has trebled – with growing anticipation of a global accord to be agreed to limit carbon emissions. Wood Mackenzie looks at these key signposts and the potential broader implications for the global energy outlook.