AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

If your father heads up the Organisation of the Petroleum Exporting Countries, you might feel entitled to some favours when you fill up your tank. But the daughter of Opec Secretary-General Abdullah al-Badri finds herself paying more just like the rest of us.
"My daughter calls me from Canada," he told the Reuters Global Energy Summit last week. He tells her not to blame him, but remember the tax take at the pump. "How much is the cost of the oil and how much are the taxes?"
As Opec's secretary-general since January 1, 2007, the 68-year-old Libyan has been sending the same message to the wider world about the rising price of crude oil.
Badri runs the group's Vienna headquarters. Opec oil ministers set the group's policy.
"He's a steady hand on the helm at the secretariat," said Bill Farren-Price, an energy analyst at Medley Global Advisors who often observes Opec meetings.
"Critically, he has widespread respect from all the oil ministers, which makes it easier for him to do his job and helps with the diplomatic challenges Opec is facing with high oil prices and its increased dialogue with consumers." As crude prices have climbed from a dip below $50 a barrel in the month that Badri started in his post to a record of $139.12 on June 6, the message from Opec has been consistent: it's not for lack of supply.
Badri is generous to the media with his time and visited Reuters in London last week for the energy summit, where he appealed for less anxiety about rising oil prices. "We are panicking too much," Badri said. "The situation is unbearable as far as we are concerned. I want to say, there is no shortage now and in the future."
Badri is the figurehead for an expanding organisation with pumps about 40 percent of the world's oil. Its membership grew to 13 countries last year when Ecuador rejoined.
Opec says factors like the weakness of the US dollar, political tension and speculation are boosting prices. Consumers such as the United States, in contrast, say current prices reflect a tight market.

Copyright Reuters, 2008

Comments

Comments are closed.