Sunday, 17 June 2012

Baroque charm masks concern for the Opec - The National

The former rulers of the Habsburg dynasty stare down from their portraits high on the walls of Hofburg Palace, reminders of the power that once emanated from these marble halls.

Six centuries after their rise to reign, this baroque monument houses a conference centre that every two years hosts Opec and its followers - a centre of power in its own right.

As recently as January last year, Opec's linchpin Saudi Arabia was targeting an oil price of US$75 a barrel, and watched in amazement as futures markets soared above $100.

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