Spare capacity has never been as low as it is today in upstream and downstream. A lot of investment is needed.

There is insufficient capacity there and there is a problem with conversion capacity.

The upstream and downstream constraints are real and long-term and we're seeing almost daily examples of them. We're going to have a very strong price environment until the steam is taken out of demand or until investment catches up and restores a spare capacity cushion to production and refining.

The IEA member countries will exercise flexibility in re-establishing their emergency stock levels through 2006, noting the need to take into account seasonal demand and the possibility of higher than expected refinery maintenance.

We must change these outcomes and get the planet onto a sustainable energy path.

If any supply disruption occurs again we can make a speedy decision,