Dr Fereidun Fesharaki, Chairman, FGE, says the oil market is like a big swimming pool. If you take one bucket of water from one side and throw it to the other side, it is still the same swimming pool. Earlier, the Russians were supplying a great deal of oil to Europe, and the Saudis, Iraqis, and Kuwaitis and the US were supplying China. Now, China and India are buying more from Russia and less Saudi crude, less Middle East crude, less US crude, less Kuwaiti crude, less Iraqi crude. So the market is balancing itself still. If there is a willing buyer and a willing seller, oil moves.
