I agree that growth in production capacity this year will be a bit higher than demand growth. Still, the IEA always tends to be over-optimistic in terms of non-OPEC supply growth.

After the sharp rise in gasoline prices, we believe that crude and transportation fuel prices will remain at historically high levels for a prolonged period of time, reflecting a tighter global balance.

The attacks are a concern given Nigeria's importance as an oil-producing nation. It's a factor that will keep prices supported.

The relatively high inventory levels are providing some cushion to the market, but of course demand is rising in the U.S.. We are in a more comfortable situation than a few months ago, but the structural problems this market has haven't gone away.

We believe the recent demand pullback is mostly a short-run response to a price spike, not a long-run shift in consumption patterns.

It's been a very warm winter in the U.S., so prices are pressed to fall as inventories build and demand slows down. I agree that growth in production capacity this year will be a bit higher than demand growth.