The period of 2010 to 2014 has been very unusual in the oil industry in the sense that we had very high prices—about $105 per barrel, sometimes a bit more at $110 and sometimes a bit less—in terms of historical periods. We have to go back to the oil shock of 1979 before we hit that same level.
This was very high and not only high, but stable. Somehow people in the industry and the government came to the view that the prices were high and would continue to be high and also stable. This is not the reality of the oil price when you look at it over a longer period.
We are getting back to the usual way of the industry. This unstable high price boosted supplies to levels that were not met by demand. That's why the price collapsed.