China To Drive Oil Market In 2009

OPEC's decision to slash oil production by another 2.2mn barrels per day (b/d) from January 1 has raised producers' hopes that inventories will decrease, the global supply-demand balance will be brought back in line and that prices will rise accordingly. On the supply side, the main factor in the near term will be the degree of compliance among OPEC members with the agreed cuts. For most oil market observers, however, the focus is firmly on the demand side of the equation.

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