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...
believe market
I still do believe the market is well supplied, even getting soft.
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.
fair market price
A fair price is what the market can sustain.
market oil remained
The oil market has remained well-supplied with crude.
action decisive extra market reassure saying
OPEC is not going to be the decisive action but we want to reassure the market by saying we have this extra capacity,
committed fix keeping market reasonable
OPEC is committed to supplying the market at a reasonable price. Of the two, we're more committed to supplying the market and keeping it stable. I can't fix the price.
market meet obligation rest takes
Just rest assured, we are under obligation to the market to keep the market well supplied. We meet as often as it takes to micro-manage the short-term volatility.
analysis followed market strictly
If we only followed strictly market analysis we should be doing some trimming of volume.
assured market needs rest whatever
The market should rest assured that whatever it needs is there. Before that there is no need to do anything.
capacity cope crude everybody market offered
The market is well supplied - actually it is in balance. After Katrina, everybody offered crude but the refining capacity was not there to cope with it.
impressed increase market meet million psychology small
The market has not been impressed by small increments, so for market psychology it would be better to increase by a million and see if we can meet it,
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.