The decision by the Organisation of Petroleum Exporting Countries to leave output unchanged may allow crude stocks to rebuild because refineries are in maintenance and demand seasonally slows, but high prices are sending a strong signal that the market thinks it is not enough. With geopolitical issues in Nigeria, South America and the Middle East combining with an uncertain environment for new projects, a higher stock buffer is clearly being called for. While there is understandable nervousness about the level of future economic growth, it is not clear that demand will weaken more than is seasonally normal. End-user stock building is needed, and there are few signs of a slowdown in the non-OECD countries driving oil demand growth. We may need more oil before the summer and therefore urge OPEC countries to listen to market signals. With the continuing resilience of non-OECD economic growth, geopolitical tensions and limited surplus capacity, it is clearly better to restore higher stocks than risk sustaining or aggravating current high prices. Similarly, persistent high prices are an ongoing reminder of the need for consuming countries to temper oil demand growth through further improvements in energy efficiency and the ongoing development of alternative fuels.