"It's all coming together today with the US stats, IPE Brent and IPE gasoil expiry all happening. I think by the end of the day a lot of covering will have already been done and we may see an extremely quiet Thursday ahead of the bank holiday weekend." A London based trader telling Platts what he thinks the market will do today.

"I think the geo-political tensions are leading the prices. Whenever there is tension, increasing the supply will never be effective in helping the prices." Sheikh Ahmed Fahed al-Sabah, Kuwait's oil minister talking to Platts about the record crude prices seen this week.

"OPEC has done what it can do. We have pumped our maximum capacity and current high oil prices are out of OPEC's control. We can do nothing." Maizar Rahman, Indonesia's OPEC governor explaining how OPEC production is at its maximum capacity of around 30 million b/d