Quotes from the Global Energy Summit

NEW YORK (Reuters) - Utility and oil industry executives met at Reuters' U.S. and global headquarters on Tuesday to talk about industry and global trends and concerns.

The following are selected quotes from the Reuters Global Energy Summit in New York and London.

U.S. SECRETARY OF ENERGY SAM BODMAN

"The producers of crude oil have ceded to the traders the setting of price and that's different than has existed."

"The Saudis say they have an extra 1 million barrels but I take that with a kind of a grain of salt. I know they have the capacity (but) my sense is it is heavy oil and that's not easily refined by most refineries."

On Iran: "I don't lose sleep over their withholding oil from the marketplace because they are so dependent on oil export revenues."

"I think we're going to be better prepared for this upcoming hurricane season, but heaven knows what we're going to be dealing with."

"Am I concerned about the impact of high oil prices on the economy? Sure. Having said that, it hasn't happened yet in a meaningful way. But we have a very resilient economy, we continue to produce jobs at extraordinary rates. Very strong economic numbers."

On a government-run refinery: "That does not strike me as a particularly good idea. I look on that with a jaundiced eye."

On ethanol supply: "We now have a system in place, and barring some issue that I have not anticipated, I think we're probably in reasonably good shape."

QATAR ENERGY MINISTER ABDULLAH AL-ATTIYAH

On a forecast for combined liquid gas and oil output of over six million barrels per day by 2010:

"This is a huge quantity. Qatar would be the second equivalents producer in the area after (Saudi) Aramco."

SHOKRI GHANEM, CHAIRMAN, LIBYAN NATIONAL OIL CO.

"OPEC is not determining the price. OPEC does not fix the price at this level. This cartel abdicated the pricing power to the futures market."

"If some people think we are a hard bargainer, we are trying to insure our interest, but we are cognizant of the fact oil companies working here should also make good income from their investment.  Continued...