I have an article I can't post fronm Oil and Gas Journal (data sourced from IEA I think).
It has demand destruction about 500kbop for the USA (2008 vs 2007), non for Europe.
The matching growth in China about an offsetting 500kbo, plus another 300kbo growth for each of Latin America and the Middle East.
It has global demand up 800 kbopd for the year.
My expectation is more of the same for prices around current levels, I don't expect much absolute demand destruction outside the US. In the USA well overdue.
For China I'd say: Mostly non-discretionary, the worlds factory needs oil to turn the wheels, plus discretionary wealth effect.
For ME: Positive feedback to demand, as poo delivers wealth.
Anyway, today dow roared AND the poo soared $5, and the AUD is down too.
EL
PS For those of us part metalic metals up too.
long term price of oil, page-9
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