TOKYO / NEW DELHI // Big Asian oil consumers India and Japan gave a cool response today to Saudi Arabia's suggestion that $75 a barrel was a "fair" price for oil, saying cheaper crude was preferable during the worst economic crisis in generations.
While stopping far short of suggesting a new price target for Opec, Saudi Arabia's king and its oil minister said at the weekend that $75 oil would encourage new oil production from marginal, higher-cost sources, a move that analysts say is necessary to help prevent a possible shortage in years ahead.
While that is half the $147 a barrel record high hit in July, few in Asia were ready to embrace a higher medium-term equilibrium as they enjoyed $50 oil for the first time in over three years.
"There are frequent comments by oil producers about $60-$75 per barrel," Toshihiro Nikai, Japan's minister of economy, trade and industry, told reporters in Tokyo. "But for us, the cheaper the oil price, the better."
Mr Nikai said he had told oil producers that Japan was struggling in the face of high oil prices, and they had responded by saying they also wanted to stabilise them.
RS Pandey, India's oil secretary, also cited volatility as the greater concern.
"As a major consuming nation we would like prices to remain stable and around this level," he said, declining any direct comment on his view of $75. "What is more important is there has to be stability in prices. Volatility of the kind witnessed this year has been very bad."
The weekend comments from Saudi Arabia's King Abdullah and Oil Minister Ali al Naimi were a surprise to many analysts as the world's biggest oil exporter has for years studiously avoided giving any signals on what it believes might be a sustainable long-term oil price even since crude broke Opec's $22-$28 band.
Instead, most producers have emphasised the need to balance supply with demand, saying that prices ? fuelled by speculation, a shortage of refining capacity or the direction of the dollar ? had surged beyond fundamentals ? and beyond their control.
Although many in Opec are concerned at the unrelenting drop in crude oil prices, which fell to a three-and-a-half year low under $50 on Tuesday, the group deferred a decision on production cuts on Saturday until the group meets again in Algeria on Dec 17.
Oil prices have tumbled $100 since July in a sell-off triggered by falling demand in Western economies, but that decline is also helping ease some of the pain.
With investors worldwide spooked by the prospect of recession and Japan seemingly on course for its longest-ever economic contraction, a higher oil price would make things even tougher.
"Against this background, I think a rebound in crude prices again would be unbearable," said Shigeru Suehiro, a senior economist at Japan's Institute of Energy Economics.
However the danger in that attitude is that oil markets could face a repeat of the price spike that began six years ago, when demand from emerging economies surged faster than anaemic growth in crude output after years of middling investment.
*Reuters
The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Company%20profile
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COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Revibe%20%0D%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202022%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Hamza%20Iraqui%20and%20Abdessamad%20Ben%20Zakour%20%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Refurbished%20electronics%20%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%20so%20far%3A%3C%2Fstrong%3E%20%2410m%20%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFlat6Labs%2C%20Resonance%20and%20various%20others%0D%3C%2Fp%3E%0A
The Written World: How Literature Shaped History
Martin Puchner
Granta
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
