The IEA welcomes the announcement made by Saudi Arabia that it intends to make incremental oil available to the market.

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The Gulf is left holding the incremental oil baby, with Washington and Beijing not merely unwilling to underwrite security arrangements, but inadvertently working towards an oil market based on volumes, not price.

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But as Francisco Blanch of Merrill Lynch notes, most of the incremental demand for oil comes from China, India and the Middle East, where the prices of petrol and diesel are subsidised or capped, leaving drivers with little incentive to cut back.

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Rail and supporting non-pipeline modes should be capable, as was projected in 2011, of providing the capacity needed to transport all incremental Western Canadian and Bakken crude oil production to markets if there were no additional pipeline projects approved.

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Oil majors like ExxonMobil and Shell Petroleum come up with little incremental reserve despite escalating spending for drilling and exploration.

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Genereux added that the macroeconomic backdrop, such as expensive oil and a deeply troubled housing sector, "is certainly an incremental headwind" to the firm, too.

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The Fed conducts incremental unconventional monetary policy via purchasing of debt, while the President can release government-controlled barrels of oil onto the market.

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