This report focuses on the impact of the evolution of the world oil price on the cost of future GHG mitigation measures. Projections of the cost of mitigation policies are a key input for national and international negotiations on future mitigation of GHG emissions among public policy makers and other stakeholders. Future oil price trends and oil price volatility have a major impact on the economic attractiveness of distinct mitigation options and their mutual unit CO2 abatement cost rankings. Consider, for instance, the net cost of the option of CCS (carbon capture and storage) in combination with enhanced oil recovery in case of a surge in oil prices. Such event may trigger the costs of CCS in a significant downward direction.