The big problem with development of gas in the Caspian is what do you do with it?
The $100 barrel price is very much wishful thinking on Venezuela's part.
[At the same time, the increase] does very little to really take the heat out of the market, ... I don't think it will have a big effect. I think what it will probably do is prevent prices from going up again significantly.
Industry will be praying for a busy driving season this summer, followed by a long, cold winter.
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.
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.
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.
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