Tobin Gorey Global Quotations

Nigeria?s escalating problems though are boosting prices too. Nigeria puts almost 2.5 million barrels of crude into the market daily -- around 3 percent of global oil output.

Nigeria's escalating problems ... are boosting prices. Nigeria puts almost 2.5 million barrels of crude into the market daily -- around three percent of global oil output.

There are quite a few ways in which supplies could be disrupted, not just from Iran itself, while the accumulation of economic data and forecasts for the global economy over the past month or so points to global energy demand remaining strong. The rise has been speedy.

The basic thing underlying the industry is that global demand remains very strong.

But if Iran withdrew, that would leave a substantial gap in the market. In any case, the oil price is likely to remain high because global demand is so strong.

The Iran issue is the driver of the day, the extra factor causing the run-up in prices, but the basic thing underlying the industry is that global demand remains very strong.