As demand has risen steeply in 2010 and is expected to rise further in 2011, the market is watching closely whether OPEC can release at least some of its spare capacity to prevent prices from soaring to around $150 per barrel as they did before the crisis struck in summer 2008. OPEC's most influential oil minister, Saudi Arabia's Ali al-Naimi, said on Friday he was still happy with an oil price of $70-80 a barrel and there was no need for an extra OPEC meeting before the next scheduled one in June.
Others in the group have been pressing for a higher price, arguing that quantitative easing and a weakened U.S. dollar that spurred gains across financial markets mean the oil price strength is partly nominal.
Egyptian Oil Minister Sameh Fahmy said the current increase in oil prices was the result of higher demand on heating fuel because of the cold weather in Europe.
United Arab Emirates Oil Minister Mohammed al-Hamli said crude oil inventories are "quite high. It's the highest over the five years average... The market is well supplied."
Saturday, December 25, 2010
World economy can withstand $100 oil price: Kuwait
Iraq's new oil minister and the head of Libya's National Oil Corporation both told Reuters that $100 was a fair price, while Qatar's Minister Abdullah al-Attiyah said he did not expect OPEC to increase production in 2011.
"I do not expect an OPEC meeting before June because oil prices are stable," he said.
Some delegates even called for exporters to comply better with agreed production limits. OPEC members' compliance with promised cutbacks reached 56 percent in November, according to Reuters estimates.
When asked if output could be raised, Kuwait's Sheikh Ahmad said: "No. More compliance, more compliance."
The Cairo meeting of the Organization of Arab Exporting Countries (OAPEC) brought together Arab members of OPEC including top exporter Saudi Arabia, which has traditionally been viewed as a price moderate, as well as non-OPEC countries Tunisia, Egypt, Syria and Bahrain.
OPEC cut output drastically after the global financial crisis struck in 2008 to prop up collapsing oil prices.
"I do not expect an OPEC meeting before June because oil prices are stable," he said.
Some delegates even called for exporters to comply better with agreed production limits. OPEC members' compliance with promised cutbacks reached 56 percent in November, according to Reuters estimates.
When asked if output could be raised, Kuwait's Sheikh Ahmad said: "No. More compliance, more compliance."
The Cairo meeting of the Organization of Arab Exporting Countries (OAPEC) brought together Arab members of OPEC including top exporter Saudi Arabia, which has traditionally been viewed as a price moderate, as well as non-OPEC countries Tunisia, Egypt, Syria and Bahrain.
OPEC cut output drastically after the global financial crisis struck in 2008 to prop up collapsing oil prices.
World economy can withstand $100 oil price: Kuwait
Analysts have said oil producing countries are likely to raise output after crude rallied more than 30 percent from a low in May because they fear prices could damage economic growth in fuel importing countries.
European benchmark ICE Brent crude for February closed at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008.
Arab oil exporters meeting in Cairo this weekend said they saw no need to supply more crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.
Asked by Reuters if the world economy could stand a $100 oil price, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said: "Yes it can."
European benchmark ICE Brent crude for February closed at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008.
Arab oil exporters meeting in Cairo this weekend said they saw no need to supply more crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.
Asked by Reuters if the world economy could stand a $100 oil price, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said: "Yes it can."
Airlines sell 1.84 lakh tickets in 15 hours
New Delhi: Airfares have soared this December but that has not stopped holiday travel. Domestic Airlines clocked a new record this Christmas, selling 1.84 lakh tickets on Friday.
This is a 20 per cent rise over last year.
Jet Airways sold the maximum, with over 36,000 tickets. Kingfisher followed with over 32,000 tickets. Low cost airlines also saw good sales. Even Go Air managed to sell over 10,000 tickets.
This is a 20 per cent rise over last year.
Jet Airways sold the maximum, with over 36,000 tickets. Kingfisher followed with over 32,000 tickets. Low cost airlines also saw good sales. Even Go Air managed to sell over 10,000 tickets.
Airlines sell 1.84 lakh tickets in 15 hours
The global economy can withstand an oil price of $100 a barrel, Kuwait's oil minister said on Saturday, as other exporters indicated OPEC may decide against increasing output through 2011 as the market was well supplied
Experts say they expected sales to rise but the record number has surprised many, considering the negative publicity because of the high fares.
Airlines say those who had booked for holidays to Europe canceled out due to the snowstorms and chose a domestic holiday, which added to the numbers.
Airlines say that most of the sectors are completely booked. Tourist destinations in Rajasthan, Kerala and Goa are seeing the maximum bookings.
IT firms to pay compensation to 9/11 victims
India has written to the US on the visa fee hike issue. Commerce Minister Anand Sharma wrote to US Trade Representative Ronald Kirk on December 22 affirming India's stance that the matter has caused considerable apprehension and concern to the business community of the country.
Sharma had earlier raised the issue when the bill HR 6080 was passed by the Congress. Such provisions have resulted in considerable public outcry in India. Obama, during his recent visit to India, had agreed to cut trade barriers and reject protectionism.
IT firms to pay compensation to 9/11 victims
New Delhi: India has slammed the US move to impose a new tax that makes Indian IT companies like Infosys, TCS and wipro fund the compensation package for victims of 9/11.
The James Zadroga 9/11 Health & Compensation Act, 2010 proposes higher visa fees and is under consideration in the US congress. The Act has 'pay for' provisions which propose higher visa fees for H1B and L1 visas. The Act also proposes imposition of a 2% fee on goods and services imported by the US government.
The bill will raise $ 4.2 billion and comes into effect next July. The firms say its a protectionist move, India calls it a 'retrograde step' in trade relations
Lahore Pakistan News:
Onion prices went down in Lahore markets due to import of the commodity from Sindh. In wholesale markets, onion was being sold at Rs 40 per kg.
According to market sources, price of the commodity has seen decline during last few days, and import from Sindh is told to be main cause of the decrease. Price of onion is recorded at Rs 50 per kg in retail markets. Onion is being exported to India at Rs 32 per kg while traders are preferring local market due to high price.
According to market sources, price of the commodity has seen decline during last few days, and import from Sindh is told to be main cause of the decrease. Price of onion is recorded at Rs 50 per kg in retail markets. Onion is being exported to India at Rs 32 per kg while traders are preferring local market due to high price.
Thursday, December 23, 2010
Seasons Greetings
Enjoy the Christmas story told through Facebook, Twitter, YouTube, Google, Wikipedia, Google Maps, GMail, Foursquare, Amazon...
Have a great Christmas!Dave Clarke
Have a great Christmas!Dave Clarke
Tuesday, December 21, 2010
Family Business in India
This should be seen not as a matter of discredit but of pride. Corporate studies have shown that in India, unlike in the West, family-managed businesses do significantly better than those run by professionals. This could be because of our national ethos in which rules matter less than relationships, and family ties take precedence over impersonalised codes of conduct.
What works in business works in the business of politics. To score over rivals, the Congress used to boast of its TINA factor: there is no alternative. Today the TINA factor needs to be internalised. In the Congress, there is no alternative to the Family. True to the principle of truth in advertising, why not change its new name to the Gandhi Party?
What works in business works in the business of politics. To score over rivals, the Congress used to boast of its TINA factor: there is no alternative. Today the TINA factor needs to be internalised. In the Congress, there is no alternative to the Family. True to the principle of truth in advertising, why not change its new name to the Gandhi Party?
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