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...
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.
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,
blocks interior
Two of the onshore blocks are well into the interior of the country.
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,
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.
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.
bush good opinions sincerely
I think those opinions are sincerely held, and the good thing about the Bush administration is that it's very outspoken. There is no fudging the issues.
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.
analysis followed market strictly
If we only followed strictly market analysis we should be doing some trimming of volume.