I believe today you have reached the top of one of your mountains, your “secondary school mountain”. That is why we are here this afternoon participating in this graduation ceremony. You have successfully completed Forms 3, 5, 6 and 7. It is time for celebrations and thanksgiving. You can congratulate yourselves and each other. Your parents and teachers are proud of you.
At a time of low margins of idle capacity and with no prospects of a substantial structural reduction in user countries’ oil dependency, there are no grounds for supposing that the situation will change in the short or medium term. The rise in oil prices entails a transfer of purchasing power from user to producer countries.