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Still, a sharp rebound in demand for air transport services last year has spurred many airlines, especially in Asia, to expand networks and increase spending plans.
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The Fukushima nuclear accident, the turmoil in parts of the Middle East and North Africa and a sharp rebound in energy demand in 2010 which pushed CO2 emissions to a record high, highlight the urgency and the scale of the challenge".
Pointing to the sharp rebound in Asia and to suppressed first-quarter demand, the IEA reckons that this year's second-quarter decline will be only 1.5m b/d.
So most predict a sharp rebound in the third quarter.
What precisely propelled the sharp rebound in Mr. Paulson's hedge fund is unclear.
They expect a sharp rebound in profits over the next year and beyond.
The stock market appeared to be shrugging off a sharp rebound in oil prices.
At the time Citigroup benefited from a sharp rebound in trading profits and extraordinary accounting adjustments to burnish its results.
A public sale would come amid a sharp rebound in the number of initial public offerings, which roughly tripled in the first quarter of 2011 compared with the same period a year ago.
The rate of decline in Italy and Spain slackened and there was a sharp rebound in Portugal, which has suffered a deep recession.
With little sign of a sharp rebound in inflation, Brazil has since been able to reduce interest rates more quickly than expected.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com