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March 3, 2006
OPEC President Says World "Oversupplied" with Oil
From Reuters:
OPEC President Edmund Daukoru said on Friday that the global oil market is "oversupplied" by about 2 million barrels per day.
"The market is indeed well supplied with crude today," Daukoru told an audience at the National Press Club in Washington, ahead of next week's meeting of the Organization of Petroleum Exporting Countries.
Daukoru's view that the global market had plenty of crude oil differed with that of the United States, the world's biggest oil consuming nation, which believes the market needs more oil.
Daukoru, who is also Nigeria's petroleum minister, said the cartel's spare oil production capacity of 2 million barrels a day has not been able to counter oil price swings caused by market concerns about supply disruptions.
"We don't believe that that (spare capacity) is having an impact, if you judge by the prices," he said.
Posted by edelfenbein at March 3, 2006 2:29 PM
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