Edmund Daukoru
Edmund Daukoru
Edmund Maduabebe Daukoruis a former Nigerian Minister of State for Energy and was Secretary General of the Organization of the Petroleum Exporting Countriesin 2006. He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008...
blame constraint nobody purpose
We will really know from this where the constraint is and that's in the downstream, so nobody can blame OPEC. That's really the purpose of this,
believe market
I still do believe the market is well supplied, even getting soft.
assured iranian minister shut spoke stated
I spoke with the Iranian minister and he assured me that on their own part they have never stated that they were going to shut production.
capacity comfort increase mainly talk worry
The talk of an increase is mainly to give comfort to the market. It is refining capacity we have to worry about.
assure exact hope
We hope that will assure the market. We are working on the exact wording.
agreed closely further issues monitor roll simply time
But there are simply too many geopolitical issues at this very time so we have agreed to roll over (production quotas) and to monitor closely if there are any further developments.
address decide decision perception second
If we decide that that is the way to go so that we can address our perception of the second quarter, we will take that decision now.
best continue depending market monitor preserve tries
One thing OPEC tries to do is preserve market stability. We have said we will continue to monitor closely, and depending on what we see we will do what is best for the market. ... We need to know more about demand.
absolute both cannot cut decree forces market price subject
There is nothing like an absolute price level. You cannot decree an absolute price; everything is subject to market forces, and market forces cut both ways.
capacity consensus share spare
We have a consensus that we want to put before the conference. We want to share the availability of the spare capacity with the market,
far happy member worrying
We are so far from worrying about quotas. I think for now OPEC will be happy for any member who has the capacity, to produce.
capacity far happy member worrying
We are so far from worrying about quotas, ... I think for now OPEC will be happy for any member who has the capacity to produce.
cut hard prices reason
With prices over US$60, really I don't see a reason to cut production. It's pretty hard to see why we should cut.
available believe capacity pledge spare
We will collectively make a pledge to have the spare capacity available if needed, but I don't believe it is needed,