Chart has short term potential, page-16

After the comments made by Saudi Arabia's oil minister Ali al - Naimi in Houston Feb 24. I am confident oil prices will rise in a sustainable way . World excess oil supply is one million b.p.d. in a market of 94.5 million b.pd. A freeze on present production will create a shortage a reduction in storage and a rebalancing if present production remains stable. Global oil depletion is around four million b.p.d. and increased consumption is around three and a half million b.p.d. On paper at least , if high cost oil ' off shore deep water, some expensive shale and Canadian oil sands were curtailed ' we have a solution . However if when o.p. reaches $70 p.b. and they all pile back in , then its back to square one . The elephant in the room is , the lack of trillions of dollars in exploration and development , will create a future shock in coming years .Russian oil wells were developed by Joseph Stalin , 70 years ago and are rapidly depleting , production from CNOOC and SINOPEC has reduced %5 in depletion , no one really knows the Saudi reserves as they claim to have the same amount as they had 70 years ago . And the way oil reserves are measured is not at all accurate , recoverable oil is not the same as reported reserves . Cost , market price and quality , are not factored in ; Venezuela has more oil than Saudi Arabia but it is a very heavy sour waxy oil high is sulphur and other corrosives . Most Mid Eastern oils are heavy sour as well Canadian oil sands are tar pits , and light sweet WTI is now very light on , the US is keen on Nigeria as its preferred oil source . So oil supply is not so clear cut , and down the road , expect to see much higher prices ...My opinion alone , and will stand corrected if inaccurate in any way .......