oil

Here are some statements from OPEC President Edmund Daukoru of Nigeria as quoted in the Washington Post. After you read what he says, ask yourself "What does this man think about the future price of oil?"

Daukoru told reporters that when OPEC meets in December they will discuss production, "but it looks as if some further mopping up will be necessary."

"The market is clearly oversupplied, clearly oversupplied," he said.

Daukoru described the current price of oil as "low."

The market has easily absorbed a 1.2 mbd cut in production, and prices are still falling.