![]() 5/23/08
A three digit world
World Economic Forum meetings are, as one former Prime Minister put it over a nightcap, part private high-level talks, part networking and a lot of theatre. “Theatre
There was plenty to digest and discuss, but as usual the many of the more memorable thoughts came in the networking lounge over an espresso. I spoke to the CEO of a Gulf investment authority who, during our conversation said they really want to get it right this time, since they are blessed with the “three digits.” The conversation continues, as I try to bluff my way through what “three digits” means. After another minute my curiosity gets the better of me and I confess my ignorance. “Three digits,” he tells me with a broad smile, “ There is no doubt about that and I confirm that after 20 years of covering OPEC meetings and visiting production facilities from the Gulf of Mexico to the Arabian Gulf, I know it cost about $4 to $6 per barrel for the major Middle Eastern producers to get their crude to market. To put it crudely, that is a profit of about $120 a barrel at today’s prices. |
ABOUT THIS BLOG
John Defterios’ blog accompanies the weekly business program, Marketplace Middle East (MME) that is dedicated to the latest financial news from the Middle East. As MME anchor, John Defterios talks to the people in the know, finding out their opinions on the big business moves in the region, he provides his views via this weekly blog. We hope you will join the discussion around the issues raised.
SHOWTIMES
Friday: 08:15, 19:45Saturday: 05:45 Sunday: 07:15 ALL TIMES GMT ARCHIVE
• September 2007• October 2007 • November 2007 • December 2007 • January 2008 • February 2008 • March 2008 • April 2008 • May 2008 • June 2008 • July 2008 • August 2008 • September 2008 • October 2008 • November 2008 • December 2008 • January 2009 • February 2009 • March 2009 • April 2009 |