Andrew Gould Activity Quotations

Activity increases and strong pricing momentum, particularly in North America, drove first-quarter results despite the severe curtailment of activity in Russia early in the year.

(Producers') plans have already been put in place to achieve this, but it will take several years of sustained activity to develop the new production that can reliably replace today's supply.

To put that right it's going to take several years of very hard work by the oil industry to renew the production cushion. Activity is increasing but it is not yet at its maximum point.

Severe winter weather in the Russian and Caspian geo-markets curtailed activity significantly for a three-week period in January.