Claude Mandil
Claude Mandil
Claude Mandilis a French businessman. Mandil is a member of the Board of Directors of Total S.A. and is the former Executive Director of the International Energy Agency...
damage decide short whether
We have demonstrated that we were able to decide at very short notice. We do not know a lot about Rita, whether it will make damage or not.
agreement both build decided hope reach stocks strategic
Both have decided to build strategic stocks and we hope to reach an agreement on coordination.
basis caused convinced decided difficult economy hurricane hurt lack last offset prices reserve response shortage since situation spare
What we decided was in response to a shortage caused by Hurricane Katrina, in a situation where there was lack of spare capacity, which is much more difficult to offset without the reserve release. The prices are a signal, but not the basis for us to decide. We are convinced that they have hurt the economy since last year.
decision extend market prefer release stocks whether work
We will see whether there is a need to extend the decision and release more stocks or if the market can work alone, ... ...We would prefer for the market to work alone.
difficult understand
It would be difficult to understand if there was a cut.
embargo iranian oil risk
The risk of an embargo on Iranian oil ... is not a constraint.
anyway four market needed review
The review was needed anyway as there are four refineries still shut. But on the other hand, the market has reacted well to Katrina, with flexibility.
prices today
Prices today are much too high, even at $50.
lots lower reasons sure
(Prices) should be lower for lots of reasons this year. ...I'm not sure that will happen.
days extend increase maybe recovery stock
Maybe in 15 days we will see that the recovery in the U.S. has been better than expected. But maybe ... we will need to extend or even increase the stock draw.
again disruption occurs supply
If any supply disruption occurs again we can make a speedy decision,
left money research
But governments can't do everything at the same time, as they won't have enough money left for research and development.
side
On the refining side we need regulations to be predictable.
barrels billion strategic
We have 4 billion barrels in strategic stocks.