"Everything we know about global business cycles tells us that a coincident slowdown of most major economies will lower global demand for oil," he said, adding that global oil experts also say there is enough supply to not only meet global demand, but to allow for stockpiling of supplies as well.
In fact, the IMF in a report last week -- in which it said the risk of a global recession has increased -- noted that "commodity prices have fallen, on average, by 30 per cent during significant global slowdowns."
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