Wood Mackenzie's chief economist, Ed Rawle, presented to South America's largest mining conference - the Brazilian Mining Congress, in September. He touched on the global economy and the market outlooks for iron ore, steel, and crude oil. On the global economy, he outlined our expectations for meagre consumption growth over the next 20 years, the imminent peak in emerging world middle-class growth, and China's property sector slowdown. The outlooks for iron ore and steel were also presented, specifically the possibility of a two-tier market in iron ore, and peak demand in steel. This Insight also touches on our crude oil price outlook, highlighting the mid-term uncertainty facing US supply and the possible ramifications for price.