Exclusive outtakes from industry leaders
Don’t blame me, OPEC chief tells daughter
If your father heads up the Organization 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 having to pay record high fuel prices along with
“My daughter calls me from Canada,” he told the Reuters
Global Energy Summit — and he tells her not to blame him.
“How much is the cost of the oil and how much are the
taxes?” he asked.
Regardless of gasoline, he said the price of unrefined
crude, which hit nearly $140 a barrel last week on international
markets, was unbearably high.
His dream was for a price that would deliver sufficient
returns for oil producers without sending the industrialised
world into turmoil.
“Oil and gas has been the backbone of all this industrial
civilisation. We don’t want to disturb that pattern. We would
like to see a reasonable price where the world will be sailing
through without any disruption,” he said.
The OPEC chief accepted the world would eventually find a
way of weaning itself off its addiction to fossil fuel.
But, hinting at the controversial biofuels that have
devoured water and land, he did not expect in his life-time to
see an alternative that did not create as many problems as it
tried to solve.
“One day there will be an end to oil, but it will take maybe
another 100 years before a renewable energy will come into the
picture that will not affect the life of a human being.”