OIL : HOW MUCH (MORE) MUST WE WORRY ABOUT IT?



On Thursday 04/11/2004 the Rotary Club of Iraklio has organised an official meeting with a VIP guest : Ousama Himani (Lebanese) coming from UBS, Switzerland and working there since May 2001.
The subject of his lecture was 'Oil and how much more must we worry about it'. What could possibly happen concerning the oil price and how this can affect world development and market.

A big crowd watched a fascinating and current speech, while at the end of it there were numerous and interesting questions coming from the audience, that during the whole lecture was whole-heartedly watching the colloquist.
Besides the lecturer's curriculum vitae revealed the validity and the broadness of his knowledge.




Mr. Himani has studied at the John Hopkins University of Baltimore in Merryland, U.S.A. His studies include a Ph.D. in Economics and a Master Degree in Political Economics.
His speciality is the income bonds and macroeconomical evolution of resurgent markets.
He is a member of the team that determines the Universal Investing Strategy and participates actively in this process.
Before UBS, he worked in the International Monetary Office where he acquired important experiences concerning external loans of resurgent markets.







In his speech, Mr. Himani pointed out that President Bush will keep the oil market tight because he will continue the political strategy that aims to the constant increase of oil reserves, which is programmed to be completed until next May. Next, he foresaw that the price of oil will fall in contrast to last year's prices, but it is not expected to reach 30 dollars.





When he was asked to comment on the fact that the price of oil raised immediately after the possibility of the victory of Bush at the elections was evident, he said : "That is explained by the fact that Bush, immediately after 9/11, made clear that his target was to augment the oil reserves of USA to 60 million barrels, something that is not far away since they stock 100 thousands barrels per day. Therefore, till the end of the spring or start of summer, this procedure will be finished. While a Kerry victory would have ended it."

The speech was in English with concurrent translation in Greek through an audiovisual system.


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