Oil market recovery hinges on China

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The risk of an oil market recovery is pinned on China's supply and demand outlook, says the IEA's market benchmark report World Energy Outlook 2010.

"All of the [oil demand] growth comes from non-Organisation for Economic Cooperation and Development (OECD) countries, 57% from China alone, which is mainly driven by the rising use of transport fuels," says the IEA report. "Demand in the OECD falls by over 6 million barrels per day (b/d) but demand [overall will] continue to grow steadily, reaching