When the oil market notices that China is back, and remembers the fire that China's exploding oil demand lit under prices last year, the 'China factor' alone should be sufficient to floor near-term prices.
That's a massive amount of demand destruction. We could be in a very tricky position by the first quarter if the EIA is not right.
He comes with European ideas on curbing demand and believing in Kyoto,
The IEA report is very neutral. It is playing up the demand slowdown in China and 8 out of 9 OECD countries and down-playing the gasoline situation.
The IEA is doing what it can to talk the market down. The spin is don't worry too much, we've made this release, there might be another and demand is slowing down.
The current trend is demand destruction. Nobody knows whether that is right or not. We're looking for any evidence demand destruction is the case.
The crude market and the global economy have been quite willing to pay $60 a barrel without harm. The only thing that has happened is that the economic boom that gave us the fastest economic growth in 25 years has slowed a little bit to bring demand back in line.