Arab Today, arab today baroque charm masks concern for the opec
Last Updated : GMT 15:44:22
Arab Today, arab today
Arab Today, arab today

Baroque charm masks concern for the Opec

Arab Today, arab today

Arab Today, arab today Baroque charm masks concern for the Opec

Washington - Arabstoday

The former rulers of the Habsburg dynasty stare down from their portraits high on the walls of Hofburg Palace, reminders of the power that once emanated from these marble halls.Six centuries after their rise to reign, this baroque monument houses a conference centre that every two years hosts Opec and its followers - a centre of power in its own right. As recently as January last year, Opec\'s linchpin Saudi Arabia was targeting an oil price of US$75 a barrel, and watched in amazement as futures markets soared above $100. Today, many Opec ministers consider $100 an appropriate price floor, and some are pushing for a range as high as $120. Thanks to that rally, Opec enjoyed a windfall last year, netting at least $1 trillion (Dh3.67tn), the group\'s highest take ever. And the wealth and power were in full view last week. Outside the palace, rows of glistening black Mercedes dropped-off the delegate. Ministers traded in their kanduras for dapper suits and met in rooms hidden behind mirror-clad walls. Oil analysts lunched on salmon and sorbets before taking home porcelain plates from Limoges, gifts from Saudi Aramco. In the 1,000 square metre Festival Hall, Hofburg\'s biggest, golden chandeliers illuminated cornices carved with the clusters of plump grapes - an ample harvest. The ministers, however, are aware the good times may not last forever. A weakened world economy in which growth is slowing even in China, and has come to a near standstill in developed nations, threatens oil demand. \"An obvious manifestation of this crisis is the economic deceleration in the developed countries, which has turned the possibility of a collapse in oil demand into a clear and present danger,\" warned Rafael Ramirez, the oil minister of Venezuela, which alongside Iran leads the group\'s price hawks. In the long term, Opec crude has to compete with oil and gas North American companies are unlocking from shale formations, and nations from Poland to China are gearing up to do the same. Major oil companies are stretching other drilling frontiers in the Russian Arctic and fields buried under kilometres of ocean and salt layers off Brazil\'s coast. \"Technology is pushing back the peak of oil,\" Ryan Lance, the chief executive of ConocoPhillips told ministers.from gulfnews.com

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today baroque charm masks concern for the opec Arab Today, arab today baroque charm masks concern for the opec

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Haifa Wahby bets on her new drama show

GMT 06:04 2017 Thursday ,23 March

Haifa Wahby bets on her new drama show
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 22:19 2017 Friday ,24 March

Reveals reasons of hepatitis in Algeria

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday