The talk of an increase is mainly to give comfort to the market. It is refining capacity we have to worry about.
More Quotes from Edmund Daukoru:
We've already played this gimmick, ... We want to play clean so we don't even raise the ceiling.Edmund Daukoru
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.
Edmund Daukoru
We hope that will assure the market. We are working on the exact wording.
Edmund Daukoru
OPEC ministers, who were meeting through Sunday evening, have yet to reach an agreement. Some ministers suggested there was no need to put extra oil on the market. 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.
Edmund Daukoru
But mainly it's the threatening statements being made against Iran as a result of its nuclear program.
Edmund Daukoru
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.
Edmund Daukoru
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