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Cablegate: (U) Demarche On Release of Crude From

This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS ABUJA 001655

SIPDIS

SENSITIVE BUT UNCLASSIFIED

PARIS FOR OECD/IEA

E.O. 12958: N/A
TAGS: EPET ENRG PREL NI OIL
SUBJECT: (U) DEMARCHE ON RELEASE OF CRUDE FROM
STRATEGIC PETROLEUM RESERVES (SPR)

REF: DavisBa-Campbell email msg DTG 0923042247

1. (U) At about noon September 24, Econ Counselor
called on President Obasanjo's Special Advisor for
Petroleum and Energy Edmund Daukoru and made the
demarche requested via email. Daukoru, who co-chairs
the national oil company, is de facto minister of
energy, since the President has not filled this
position since 1999.

2. (U) Daukoru appreciated the notice and said "what
are reserves for, if not to be used." The issue, if
any, he said, might be the volume of crude to be
released and the time by which an equivalent amount
would be restituted to the SPR.

3. (SBU) Daukoru went on that a side benefit of the
release of crude from the SPR might be some dampening
of international oil prices, which he deemed too high.
He explained that OPEC ministers had recently
concluded that prices preferably should move within a
$30-35 band. Despite the last-announced increase in
quotas, prices above $40 a barrel are "outrageously
high." Were prices to remain above $40, OPEC ministers
would have to regroup to see if members could put more
crude on the market.

4. (SBU) Daukoru said Nigeria is now producing about
2.2 mbd, which brings Nigeria's OPEC quota in line
with Nigeria's actual, but temporary, capacity output.
The need for maintenance at some facilities recently
reduced capacity output from 2.5 mbd in June of this
year.

CAMPBELL

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