The tendency (is) once prices start to rise, for everybody to open the tap a little bit.
The real concern is over products and I expect prices for gasoline, heating oil and jet fuel to remain fairly robust.
People are worried that although stocks are comfortable, there are places where supplies could be disrupted. Nigerian oil is valuable in terms of quality and location.
Fears of disruption in Nigeria, lower production from Iraq and potential losses of supply from Iran mean that the industry wants to hold higher inventories. Nigerian oil is valuable in terms of quality and location.
The big problem with development of gas in the Caspian is what do you do with it?
If this has an impact on exports and production, it would be close to one of the things the industry fears the most. If terrorists are successfully attacking the Saudi oil industry in whatever form, people are going to start worrying a lot.
The $100 barrel price is very much wishful thinking on Venezuela's part.
The current level of oil prices is simply unsustainable...to keep the price at these levels would mean starving the world of the oil it needs,
There is a great deal of uncertainty in this market. But interestingly enough, in the aftermath of Hurricane Katrina, demand pressure seems to have been taken off crude oil.
The market is so volatile at the moment ... the one thing the oil market desperately needs at the moment is clarity from OPEC, and it's not getting it.
