French Economy Minister Christine Lagarde said on Saturday that it would be good if oil prices settled at between US$70 and US$80 a barrel.
“We want less volatility, more predictability,” Lagarde said ahead of talks yesterday with Saudi Arabian Petroleum Minister Ali Naimi.
“Most people would agree that anywhere between US$70 and US$80 would be good,” she said.
PHOTO: REUTERS
Lagarde was on a 24-hour visit to the Saudi capital for discussions on a range of bilateral economic issues, including promoting France’s high-speed rail expertise for the multi-billion-dollar Mecca-Medina rail project, and fashioning cooperation on nuclear power technology.
Lagarde said that Saudi King Abdullah and French President Nicolas Sarkozy had earlier agreed to seek mechanisms to stabilize oil prices, after last year’s climb to nearly US$150 a barrel and subsequent plunge to just US$30.
However, she said, the possible mechanisms for that still needed to be explored.
Oil prices topped US$58 a barrel in New York trading on Friday, the highest since mid-November.
Lagarde, who was to meet King Abdullah and other top economic officials yesterday, said she would also encourage Saudi Arabia to follow up on its pledge to contribute to the expanded capital of the IMF.
This follows the G20 agreement in London at the beginning of last month to triple the IMF’s funds to US$750 billion.
“We all have to contribute more,” she said, noting that most of the G20 members had yet to confirm their contributions.
“In London all of us, including the Saudis, signed a commitment, so we have to deliver,” Lagarde said.
Lagarde said she would also discuss with her Saudi counterparts updating the French-Saudi tax treaty to address issues that had arisen since the treaty was first signed some 20 years ago.
PLA MANEUVERS: Although Beijing has yet to formally announce military drills, its coast guard vessels have been spotted near and around Taiwan since Friday The Taiwanese military is on high alert and is closely monitoring the Chinese People’s Liberation Army’s (PLA) air and naval deployments after Beijing yesterday reserved seven airspace areas east of its Zhejiang and Fujian provinces through Wednesday. Beijing’s action was perceived as a precursor to a potential third “Joint Sword” military exercise, which national security experts said the PLA could launch following President William Lai’s (賴清德) state visits to the nation’s three Pacific allies and stopovers in Hawaii and Guam last week. Unlike the Joint Sword military exercises in May and October, when Beijing provided detailed information about the affected areas, it
CHINA: The activities come amid speculation that Beijing might launch military exercises in response to Lai’s recent visit to Pacific allies The Ministry of National Defense (MND) yesterday said China had nearly doubled the number of its warships operating around the nation in the previous 24 hours, ahead of what security sources expect would be a new round of war games. China’s military activities come amid speculation Beijing might organize military drills around the nation in response to President William Lai’s (賴清德) recent visit to Pacific allies, including stops in Hawaii and Guam, a US territory. Lai returned from the week-long trip on Friday night. Beijing has held two rounds of war games around Taiwan this year, and sends ships and military planes
Five flights have been arranged to help nearly 2,000 Taiwanese tourists return home from Okinawa after being stranded due to cruise ship maintenance issues, the Ministry of Transportation and Communications announced yesterday. China Airlines Ltd (中華航空), and EVA Airways Corp (長榮航空) have arranged five flights with a total of 748 additional seats to transport 1,857 passengers from the MSC Bellissima back to Taiwan, the ministry said. The flights have been scheduled for yesterday and today by the Civil Aviation Administration, with the cruise operator covering all associated costs. The MSC Bellissima, carrying 4,341 passengers, departed from Keelung on Wednesday last week for Okinawa,
US president-elect Donald Trump said he would “never say” if Washington is committed to defending Taiwan from China, but “I would prefer that they do not do it [ an attack],” adding that he has a “good relationship” with Chinese President Xi Jinping (習近平). “I never say because I have to negotiate things, right?” Trump said in an interview with NBC’s Meet the Press host Kristen Welker after saying he would not reveal his incoming administration’s stance on Taiwan’s defense in the event of an attack. Asked the question again, Trump, in a reference to China, said: “I would prefer that they
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