The big issue is what demand is going to be next year. High prices tend to attract higher production and higher supplies. The question then is, What will happen to the demand side? The fact is, we rarely know what is going to happen.

As we have seen for more than a year, ... our upstream business -- exploration and production -- has been the major contributor to our higher profits.

The real issue is offshore production.

It seems that if you get a little bit of high tech in, you tend to attract more.

We'll see what he (Rubio) wants to do with that issue next year.

House prices tend to move seasonally, driven up by higher demand and activity in the warmer months and falling off towards Christmas. Just as the trading period over Christmas is crucial for the retail sector, the spring and summer are crucial for the housing market.