23 Quotes by Paul Horsnell

The shortage is in gasoline, so you would need to add huge amounts of crude oil to have even a minor impact on prices. This is a time when the shortage has nothing to do with crude oil, and OPEC cannot fix it.

Developments are continuing to enforce a very downbeat view on prospects for the Iraqi oil sector. In all, the recently increased number of analyses implying imminent and unavoidable price collapses do seem a little premature.

The most immediate concern remains Iraq, where the prospect of further severe political and economic setbacks appears to be increasing.

It's a downward drift that's been going on to close to three months now. And there's no dynamic that brings it around for the moment, so we can keep on drifting down.

The U.S. inventory situation remains extremely tight, with total inventories still falling and gaining no ground on the five-year average.

The issue of Iran's international relations continues to rise to the fore as a major potential area of market concern. It now seems likely that the EU3 of Germany, UK, and France will later this week abandon the mothballed talks with Iran.

In effect, the member nations of the IEA have decided to attempt to regulate the upper bound on prices. They did that by using what mechanisms they had, however blunt and imperfect they might be.

If you had a magic wand solution, your magic wand would give you a few more refineries within the US system,

The market faces the prospect of years without sufficient flexibility or insulation from shocks during a period of extreme geopolitical stress.