This increase is necessary due to the continued climb in crude oil prices since the start of the year. Margins remain under severe pressure.

In crude oil trading, we have seen a 46 percent increase over 1 year in the margins there.

It is vital that we continuously look closely at all of our manufacturing assets to ensure alignment with supply/demand balances now and those anticipated for the future.

Crude as oil is our responsibility.

If crude prices are near their trough, earnings should start to flatten out and move up.

We have seen a strong increase in oil prices and up to this year we see that the world has been able to absorb that.