We will have to say more on demand shortly, because as it turns out most of it may have come from none other than China where commodities are merely the latest speculative bubble while China has been furiously stockpiling oil in what is merely pulling future demand to the present, however on the far more important supply side, where the key variable has become shale production over the coming year, earlier today the head of the Oil Industry and Markets Division at the International Energy Agency, Neil Atkinson, told CNBC that he believed both producers will continue to "pump as much oil as possible."

This is what he said:

"In the post-Doha world, when we're still in what is essentially a free market for oil, the Russians will pump as much oil out as the market will absorb and the Saudis have said much the same thing."