Most of the production growth now is from gas, and gas is at a much lower price than oil.

They're going to struggle to keep the growth going. The fields they're developing are getting smaller and smaller and they're finding it harder to find giant fields.

The drop in oil prices appears to be due to continued growth in domestic oil inventories. In addition, there is a realization that efforts to deal with Iran's nuclear ambitions may be protracted over many months and an industry belief that they are unlikely to suspend their oil shipments any time soon.

The drop in oil prices appears to be to be due to continued growth in domestic oil inventories. In addition, there is a realization that efforts to deal with Iran's nuclear ambitions may be protracted over many months and an industry belief that they are unlikely to suspend their oil shipments any time soon.

Aside from the effects of high oil prices, growth in imports in general can be interpreted as a sign that domestic demand is robust, another reason to say the Japanese economy is on the right track.

As long as economic growth and demand remain vibrant, it's difficult to see much pressure taken off the oil price. If you're looking at the next six months, we don't see the kind of (supply) growth that would make a difference in prices.