But eventually it's a question of access: Getting access to fields is on top of the oil companies' agenda. We see a substantial build-up of supply occurring over the coming years.

The world oil market is in the grip of a slow-motion supply shock, in which a $70 to $75 barrel price reflects an aggregate disruption of over 2 million barrels a day.

Depending on what we learn in the next few days, this may be the biggest oil-supply shock since the 1970s. We are now in the days of reckoning,

Depending on what we learn in the next few days this may be the biggest oil-supply shock since the 1970s. We are now in the days of reckoning.

Depending on what we learn in the next few days, this may be the biggest oil-supply shock since the 1970s. We are now in the days of reckoning.

All the tensions and stress in the world's oil markets are flowing into the gasoline pump. The crude oil market is very tight, and a market that's this tight is vulnerable to politics, to hurricanes, to strikes and to emotions, and that's what we're seeing.