OPEC is producing as much crude oil as anybody wants, ... Refiners have no shortage of the grades they need. But it's out of OPEC's hands to bring the price down.
The price run-up is not fundamentally supported.
None of the fears about supply have gone away and demand growth shows no sign of slowing. That makes it a difficult market to sell.
Heating fuel stocks are going to be a theme all through winter. Every single refinery outage will feed concern.
The whole geopolitical situation is critical and I regard Iran as extremely serious.
The whole geopolitical situation is critical and I regard Iran as extremely serious. It is the world's fourth largest crude oil exporter with an unpredictable president that could stop exports.
They have a war chest in a sense.
It is quite right to say the security of supply is not the same as it was four to five years ago.
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