KUWAIT CITY: King Abdullah of OPEC powerhouse Saudi Arabia said in remarks published on Tuesday that a fair price for oil was between 75 and 80 dollars."We still believe that a fair price is 75 dollars and perhaps 80 dollars a barrel, especially now," the king said in an interview with Kuwaiti daily Assiyassa. King Abdullah -- whose country is the world's top oil exporter -- also said that prices, which have dropped sharply due to the global economic meltdown, would eventually stabilise at a higher range when the world economy recovers."The issue of fluctuating prices is governed by developments and conditions of the world markets. These (prices) are bound to stabilise at a higher price for oil in the future," he said.Oil prices were hovering around 60 dollars a barrel in Asian trade on Tuesday ahead of an OPEC meeting later this week and continued unrest in key oil exporter Nigeria. Oil fell from record peaks of more than 147 dollars in July to about 32 dollars in December as demand dropped off due to the global economic crisis but prices have since risen gradually.
Sunday, February 28, 2010 HAVANA: Hundreds of wealthy merchants and cigar aficionados from all parts of the world gathered in Havana this week to bid high stakes for humidors full of premium cigars. Cuba's annual Habanos festival ended on Friday night with an auction of ornate humidors of cedar and mahogany stacked with hand-rolled stogies that raised 800,000 euros ($1.09 million dollars). Habanos S.A. executives this month said cigar sales fell 8 percent to $360 million in 2009, so they have created the Julieta, a smaller, milder version of the Romeo y Julieta cigar, aimed specifically at female smokers. Women now make up only 5 to 10 percent of customers for Habanos. But even with the creation of the Julieta, Garcia said Habanos has only modest hopes for 2010 sales, due largely to a weak economy in Spain, the biggest market for Cuban cigars. The flavor of premium tobacco relies on the soil and climate in which it is grown. The western province of Pinar Del Rio, famous fo...
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