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

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

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,

I am struck that there is some demand destruction related to both high prices and logistic constraints.