Abu-Ghazaleh Lectures on Future Global Economy at Shoman Forum

Abu-Ghazaleh Lectures on Future Global Economy at Shoman Forum

Barrel of oil to reach 200 US dollars by 2010 ? Abu-Ghazaleh

AMMAN --- May 28, 2008 --- Mr. Talal Abu-Ghazaleh, Chairman and CEO of the Talal Abu-Ghazaleh Organization (TAGorg), has emphasized that the need for oil will increase globally to reach 150 million barrels daily by the year 2020 vs. the current level of 80 million barrels.

In a lecture he delivered on May 26th at the invitation of the Abdul Hameed Shoman Cultural Forum entitled ?The Arab and Global Economies at a Crossroads?, he stated that if the global economic order isn?t restructured, our grandchildren may be prevented from using cars and planes. He also expects that the collapse of the oil market would lead to the collapse of financial markets and that the year 2030 would be disastrous worldwide because of this oil issue.

He also addressed the current status vs. the future expectations relating to oil markets and monetary surpluses, along with the new directions of the global economy and the control of certain nations such as China, India and Russia over this economy. Additionally, he discussed the future of the Arab geo-economic map.

In discussing oil prices, Abu-Ghazaleh stated that the barrel price could reach 200 US dollars by the year 2010, and one thousand dollars if Iran was attacked.

As for the emerging economies globally, Abu-Ghazaleh said that the Russian national income ten years ago was less than 200 billion dollars, yet today it has surpassed 1.25 trillion dollars, with the individual?s income multiplying six fold to reach 12 thousand dollars annually.

He elaborated that India and China are the primary beneficiaries of globalization and there is American apprehension of China controlling military industries and technologies, while there exists a European fear of Russia dominating the energy sectors, adding that China currently invests close to one trillion dollars in the USA alone.

At the conclusion of his lecture, Mr. Abu-Ghazaleh stated his expectation of an Arab geo-economic map expanding from the Arab region all the way to China and including Iran, Turkey, India and other Asian countries, with Africa becoming a significant economic bloc in 2050 after the depletion of oil.

The lecture was followed by a question and answer session with the audience.