| Publication |
2011.
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| Summary/Abstract |
ACCORDING TO Suleiman Jasir Al-Herbish, Director-General of the OPEC Fund for International Development (OFID), there will be no more cheap oil. We met at the OFID headquarters in Vienna, a magnificent palace built in the days of the Austrian Empire and richly decorated with columns, stucco, massive oak doors and red carpet runners.
Since 1976, OFID has been a major international development agency, as well as an authoritative research and analysis center. The Fund's main task is to strengthen cooperation and OPEC's influence in developing countries. Financial assistance provided by the Fund has exceeded $10.6 billion, including more than $1.4 billion in the form of grants. Mr. Al-Herbish's assessment of the current state of the global market and the strategy for the development of the oil sector is all the more interesting because he previously served as chairman or member of the board of some of the largest Saudi Arabian oil companies.
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