Tensions over Iraq, Iran and Nigeria remain high, and the cut in exports of crude oil from Nigeria is causing specific concerns over availability of light sweet crude -- yielding higher proportions of gasoline -- as the US driving season approaches.
More Quotes from Kevin Norrish:
The statement fell short of an outright denial, leaving market fears free to grow.Kevin Norrish
You can't blame China for 70-a-barrel oil.
Kevin Norrish
After such a slow 2005 for Chinese oil demand an acceleration in growth looks highly likely in 2006 and this will exert further pressure on oil supply and prices.
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Under normal conditions, that would be telling OPEC that a cut is necessary. With Nigeria losing about half a million barrels of production it makes it quite hard for them to justify it.
Kevin Norrish
The ability of the Nigerian government to guarantee security within the Niger Delta appears to be limited at this point in time.
Kevin Norrish
It's moving up and down. We've got an erosion of the idea that there has been massive demand destruction while ... at the same time you have got some pretty mild weather on both sides of the Atlantic.
Kevin Norrish
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