Peter Gignoux Quotations

What we're seeing this morning is in response to OPEC's comments and also some old-fashioned year-end book squaring. Oil prices rose sharply and then fell. The market is doing some to-and-fro action, where traders saw the fluctuations and thought about pulling back instead of buying at the higher prices.

Yesterday's rally was based on a number of factors. There was some financial geometry in there as well. It was an options expiry day on the New York Mercantile with a rising market. That gave it a little more oomph than it needed. Now that oil's flowing, prices are coming back in line.

I would expect that they'd steer clear of the oil installations. They're fundamental to the oil-for-food process,

There are severely genuine signs of volume constriction from OPEC producers. They are keeping to their pledges,

I think it's a sure thing they are going to raise by a certain amount -- the question is how much more are they going to produce.

OPEC should be terribly pleased. Its income has gone up mightily last year and this year,

OPEC is trying to micro manage the oil price at the upper end of the range,

Remember that oil disruption is a genuine bullish indicator for the commodity,

There are reports that all Iraqi exports are running normally. If the worry was that Iraqi exports would cease and they haven't, then there is nothing to worry about.

The most interesting thing about these cuts is that they were imposed immediately (from April 1). Normally OPEC members take a few months to implement them,

Oil and politics are a volatile combination and we have two separate issues confronting the oil market at the moment.

Oil always seems to attract inflammatory rhetoric. And this is just another case of it.

Altogether we're on target. The market's behaving very well right now.

The fallout is coming through from yesterday's (Tuesday's) data, which was very good. It has given the market a lot of encouragement,

The core of this last move is entirely different than anything we've seen.

But having said that, the same problems still exist with the strike in Venezuela and the Iraq situation.

Certainly the producers that I have talked to are worried about the second quarter.

Certainly, the producers that I have talked to are worried about the second quarter. They see demand tapering off and the prices moving lower. This thought process could be a driver at the meeting.

By having a diplomatic meeting, they're ratcheting OPEC up one notch from a producers' cartel to a quasi-diplomatic organization. It's a rare occurrence,

The market simply thinks that there's not enough oil on the market and is theorizing that were going to see continued high levels of consumption.

The market is reacting to Richardson's announcement. By putting more barrels on the market, it immediately alters U.S. crude oil inventories.

The last time the U.S. was engaged militarily in Iraq, oil prices shot up to about $42 a barrel,