Daukoru also said that the OPEC will review a recent surge in crude prices
President of Organization of Petroleum Exporting Countries Edmund Daukoru said on Friday that the global oil market is oversupplied by about 2 million barrels per day.
In a address in the U.S. National Press Club, he said that "the market is indeed well supplied with crude today."
Ending his three-day visit to the United States, Daukoru, the oil minister of Nigeria, said that OPEC'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.
Daukoru also said that the OPEC will review a recent surge in crude prices when it meets next week to set production levels.
"If prices persist at the level above 60 we will definitely take that into account. It's difficult to say because the market is so volatile. If we go to much above 60, I would get worried," he said.
"Just rest assured, we are under obligation to the market to keep the market well supplied. We meet as often as it takes to micro-manage the short-term volatility," Daukoru said.