It is quite right to say the security of supply is not the same as it was four to five years ago.

There is a realization that no one can be complacent about supplies.

The whole geopolitical situation is critical and I regard Iran as extremely serious. It is the world's fourth largest crude oil exporter with an unpredictable president that could stop exports.

OPEC is producing as much crude oil as anybody wants. Refiners have no shortage of the grades they need. But it's out of OPEC's hands to bring the price down.

OPEC is producing as much crude oil as anybody wants, ... Refiners have no shortage of the grades they need. But it's out of OPEC's hands to bring the price down.

The whole geopolitical situation is critical and I regard Iran as extremely serious.