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...
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.
barrels capacity half june looking million modestly
By June we should be looking at modestly another half a million barrels of capacity a day.
recent saying taken threat wake
In the wake of recent experience, no one is saying that this threat should be taken lightly.
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.
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.
perception region safety
After Wednesday, the perception about safety in the region will change.
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.
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,
analysis followed market strictly
If we only followed strictly market analysis we should be doing some trimming of volume.
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.
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,
expect
By a week's time, we can expect a development, and I think that will be positive.
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.
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,