From his language he recognizes that while higher prices are good for revenues in the short run, longer term they help destroy demand. OPEC is probably going to increase by 1 million barrels a day.
The Nigerians indicated capacity could be back on line next week. That's could, not will, and the reality is we could be missing those half million barrels for some time yet.
The Ecuador barrels missing from the market are another little unwelcome disruption to supply, and we're not even halfway through the Atlantic hurricane season.