Word: oil
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...that is only in the event of a real war and a cut-off of Iran's and the region's spigots. Right now, says Attiya, there is no actual shortage of fuel. "Why is the price of oil very high? I can confirm to you that there is no relation [to] demand and supply. We don't believe there is any shortage of supply in the whole world. I never saw a long queue in any gas station in the world. If you take the inventories, they are the highest in five years...
...main [objective]," he adds, "is not to have any shortage of supply. This is our job. Back in 1997, the oil price dropped very dramatically in dollars. We never complained. It hurt us very bad. It hurt the industry. The industry also went into bankruptcy. We believed at the time it was market driven...
...eighth-floor office with panoramic views of Doha's new skyscrapers and the Gulf waters beyond, Attiya said that the failure of industrialized countries to provide more refining capacity in the world had led to some shortages of usable fuel. But he was adamant that the Organization of the Oil Petroleum Exporting Countries, which will hold a major summit in Riyadh, Saudi Arabia, in mid-November, is not responsible for today's soaring prices...
...their governments," he explained. "In 2004, I received a European minister in my office and he was complaining that we should do something. I joked with him, but it was a serious joke. I told him, 'OK, I have an offer for you. I can give you free oil for 25 years, including transportation, including tax. On one condition: we split the gasoline tax in your country 50-50. He looked at me and said, 'Mr. Minster, let's change the subject.' Europe is making more money than OPEC without putting one dollar in investments...
...vast infrastructure and education projects, spoke on the eve of the 6th Doha Conference on Natural Gas. He outlined Qatar's phenomenal rise within the global energy industry, which has seen the country become the world's largest supplier of liquefied natural gas as well as remaining a major oil producer. LNG production has gone from zero to 32 million tons annually and is expected to hit 77 million tons by 2010. Qatari oil production, meanwhile, has jumped from 350,000 barrels per day in 1995 to nearly 1 million barrels per day now. Although the fear factor has brought...