Mohammed "Don't-worry-be-happy" Aliabadi, Iran's acting oil minister and former Olympics Committee chair, says there is plenty of cheap oil for everybody, forever.
To hear its members tell it, the issue before the meeting of the Organization of Oil Exporting Countries beginning today in Vienna is whether or not it will choose to increase oil supplies for an increasingly needy world. What concerns the 12 member countries, they say, is merely fine-tuning a system that is working wonderfully, to make sure everyone remains as content as they are now. The current price of oil, around $100 a barrel, is about right, they say, and in the words of the current OPEC president, Iran’s caretaker oil minister Mohammad Aliabadi, “very much due to OPEC’s efforts, the world remains well supplied with oil, with ample spare capacity and adequate stock levels.” Wow. How much better could things get? Continue reading
