Thursday's top energy quotes and themes

MERCURIA CO-FOUNDER MARCO DUNAND

On the oil price and contango

"The market needs to be in the region of $90 to $100 and that's where the market has to go if the population in developing countries wants to have cars."

"The market is more likely to stay in contango, certainly for crude.

"The ultimate regulator of stocks is OPEC. If you have low stocks in a high price environment, it would be extremely dangerous for the economy because you could have a massive bubble in the price."

MERCURIA CO-FOUNDER DANIEL JAEGGI

On the move from a separate oil market to an energy market:

"The business in general is moving from the concept of oil trading to energy trading.

"We are burning some sort of fossil fuel in order to produce an energy output, and in doing so we are producing CO2.

"CO2 trading facilitates the internalisation of an external cost, and our vision is that the CO2 market will become an integrating force into the next generation energy markets."

AFREN (AFRE.L) CHIEF EXECUTIVE OSMAN SHAHENSHAH

On cost rises and regulation after the BP (BP.L) spill:

"They (Ghana) have imposed some regulations and they are sensible...Nobody wants to go through what BP is going through."

INTERNATIONAL ENERGY AGENCY EXECUTIVE DIRECTOR NOBUO TANAKA:

On the economy and oil demand:

"From what we see for the oil demand side, maybe there is a downside risk."

"So at this moment, yes, we are maintaining the lower economic growth scenario as a possible downside risk. It started in our monthly Oil Market Report in February and still we are maintaining this downside risk potential."

"There is some risk if the OECD side declines it may impact China, Chinese exports, and that may have a negative impact. As well, they (China) may move to measures to kill inflation so that's another potential downside risk."

On the BP spill:

"We are concerned about future underwater oil drilling. That may have implications for slower or less drilling offshore. Regulation is necessary, but that should not hamper the long-term offshore drilling."

THOMAS LEAVER, CHIEF EXECUTIVE OF DUBAI MERCANTILE EXCHANGE.

On speculation:

"There is no empirical evidence anywhere -- whether it be from us or the CME or ICE -- that (oil's) move up to nearly $148 or the decline to (nearly) $30 had anything to do with speculation."

On regulation:

"Effective regulation is great but any time a politician gets involved, frankly they will screw it up.

"Any time anyone interferes with free and unfettered markets either through regulation, subsidies or through tariff barriers ... it generates poverty, it generates dislocation."

On the risk of a double dip:

"I think we're in trouble... We're mortgaging the future generation. Interest rates are going to start going up at some point, then we're in serious trouble.

"I think companies should be allowed to fail. I'm a bit radical on this. Maintaining the status quo does not exist in the natural state. Maybe it softens the crunch initially, but I don't think we should reward failure.

"I don't think we're out of the woods, whether it's North America, Europe or anywhere else, except maybe in Asian economies, but they're linked to everywhere else.

"I do think we're at risk of a double dip."

ICE (ICE.N) PRESIDENT AND CHIEF OPERATING OFFICER DAVID

PENIKET

On Brent versus U.S. crude futures:

"Brent is the global oil benchmark. Brent is used as the price benchmark for around two-thirds of the world's traded oil. It reflects the fundamentals of the oil market on a global basis and we're seeing Brent used as part of the pricing for oil throughout the world."

"I think WTI is a good reflector of U.S. fundamentals but even with respect to the U.S. market you have seen WTI become dislocated from other crude grades."