There are reports that all Iraqi exports are running normally. If the worry was that Iraqi exports would cease and they haven't, then there is nothing to worry about.
The market simply thinks that there's not enough oil on the market and is theorizing that were going to see continued high levels of consumption.
I think it's a sure thing they are going to raise by a certain amount -- the question is how much more are they going to produce.
The core of this last move is entirely different than anything we've seen.
The fallout is coming through from yesterday's (Tuesday's) data, which was very good. It has given the market a lot of encouragement.
The market is reacting to Richardson's announcement. By putting more barrels on the market, it immediately alters U.S. crude oil inventories.
What we're partly faced with is a temporary aberration. But even if we fast-forward to tomorrow [after the contract change] we're still at $30 a barrel - which is about 10 percent above the year's average.
That put the cat among the pigeons.
Altogether we're on target. The market's behaving very well right now.
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