While growth has been holding up relatively well, particularly in emerging market economies, there are considerable risks beneath the surface.

There is a growing sense that the pattern of strong global growth that we have seen in the past few years is shifting now. The question is whether it will be gradual or abrupt.

destroyed the emerging Asian economies.

The growth for our sector will happen in the international markets -- particularly in emerging markets like China, like India, like the Middle East and the former Soviet Union.

The global realignment is accelerating the migration of growth and wealth dynamics from the industrial world to the larger emerging economies.

There are ample supplies beneath the surface of the planet to have significant growth in oil supply for quite a number of years. The technology is there, the resources are there. But the real question is what happens above ground.