Oil market recovery hinges on China

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