Saturday, April 5, 2008

The Worlds most influential Libyan - updated

The Arab Business site Arabian Business has issued its 2008 list of most influential Arabs in the World, which only had one Libyan on it :-< . The guy they nominated, Abdalla El Badri, is the current head of the OPEC cartel that is responsible for the oil production of its members and controls nearly two thirds of the World's oil reserves, of course he was nominated to this position by the Libyan Government and has been holding the position of the chariman of the Libyan National Oil corporation on an off and on basis for probably more than 15 years now. It should be noted that this is the second time he holds the position of the OPEC secretary general.

Even though he was the only Libyan nominated, he has made it to the fourth place on the list, which I think makes up a little for the lack of Libyans on the list :P . The reason given for his nomination is his defiance in the face of first world countries to increase the oil output of the OPEC members, as a means of helping the global economy. Or as he is quoted in their piece :


"If there is a recession, it won't be because of the oil price. It will be caused by the subprime mortgage crisis in the United States and other financial market problems," he defiantly told German magazine, Spiegel.


Update :

The price of oil went up today as a result of OPEC's stance on oil productivity, which was expressed in El-Badri's recent comments :


"Oil supply to the market is enough and high oil prices are not due to a shortage of crude but rather it is because of the decrease in the dollar's value, shortage of refinery capacity and some political tensions in the world,"

(H/T Black Iris )

2 comments:

MusicLover said...

If there is a recession, it won't be because of the oil price. It will be caused by the subprime mortgage crisis in the United States and other financial market problems," he defiantly told German magazine, Spiegel.


The oil price rises because the value of the dollar is falling against other currencies. There is a real estate bubble around the world, home prices are out of whack.

Willie Nelson
youtube.com/watch?v=v3DXyfL3HX0

PH said...

"The oil price rises because the value of the dollar is falling against other currencies."

Yup, I agree and thats why a number of countries have started to dump their dollars in exchange for the Euro.