What we are seeing is not a function of the world running out of oil. What we are seeing is the legacy of a very long period where investment has been far too low. The problem is getting the oil out of the ground and delivering it to consumers.
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This couldn't happen at a worse time.Kevin Norrish
Gasoline inventories fell sharply thanks to falling imports, declining domestic output and strong growth in demand so far in April.
Kevin Norrish
Iran matters more than is currently priced in and Iran's external relations remain the key wild card. We continue to see the situation as representing the major upside risk for oil prices this year.
Kevin Norrish
It's only a matter of time before geopolitical developments give the market another sharp tug. The chances of a benign settlement in coming months over the Iranian nuclear issue have receded in recent weeks.
Kevin Norrish
The ability of the Nigerian government to guarantee security within the Niger Delta appears to be limited at this point in time.
Kevin Norrish
The market's had a crack at 60 several times recently, but not looked at all convincing below that level. I just don't think there's the appetite to push it down there.
Kevin Norrish
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