Hisao Sato Quotations

There are many plans to build refineries, but with rising construction costs and a shortage of project engineers, expansion isn't that easy. Until this new capacity comes on stream, oil market swings will depend on the U.S. situation.

Factors in the U.S. will keep moving oil prices. The U.S. will continue to import oil products to feed its growing economy.

Oil demand in the U.S., China and India is expected to rise further. Supplies, especially of sweet crude oil, will increase only slightly compared with the growth in demand.

The country is short of refining capacity. If something happens to cut that, like an accident, prices could rise to $70.