We are 15 years away from the peak ... The last (commodities cycle) peak was in 1975 ... Since then the system has mostly been consumer and technology driven.

They (commodities) are more and more in vogue. This cycle....is 15 years away from the peak. We should no longer think of the world as emerged or emerging, we should think 'has it commodities or not'.

We may well have reached the peak of the economic cycle earlier in the year.

We're not even at the peak of the current cycle — we're only halfway up and already we're seeing activity in the North Atlantic that's 50 percent worse than what we saw during the last peak in 1950.

We won't be thinking of countries in terms of emerging or emerged but whether they have commodities or not.

In the next few months we will see oil above $80, as it has passed the peak of the production cycle.