The Saudis can't afford an oil price slump - Telegraph

After all, during the fallout from the credit crisis the price went much lower than it is now. The US benchmark West texas Intermediate was considerably lower. On December 23, 2008, the spot price fell to $30.28 a barrel.

The Paris-based International Energy Agency (IEA) last Wednesday lowered its global oil demand forecast by 60,000 barrels per day (bpd) for 2011.

'Overall, global oil demand is expected to average 89.5m bpd in 2011, 1.4pc higher year on year,' the IEA said.

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