Tuesday, May 20, 2008

an idea whose time has come: A Bag Of Rice For A Barrel Of Oil?

may 20th, 2008

absolutely. barter is the only sensible thing, as the dollar slides in value. besides, as i keep mentioning, we can live without oil, they will have a hard time living without food. OFEC ki jai!

1 barrel of oil costs them $1-2 to pump. so it's fair to say it is equal to a bag or rice, or 1kg of mutton, or 2 kg of bananas.

---------- Forwarded message ----------
From: Gir

Facing rice shortage, Saudi seeks India's help
 
Dubai, PTI :  
 
Reeling under shortage of rice, Saudi Arabia, one of the world's top rice buyers, has approached India to discuss issues relating to its supply, including possible lifting of restrictions on exports to the Kingdom. 
 
The Council of Saudi Chambers of Commerce and Industry is in touch with Indian officials on the issue of rice imports, Rajeev Shahare, deputy chief of the Indian embassy in Riyadh, said.
 
The whole issue of Indian rice exports to Saudi Arabia was discussed during the visit of Montek Singh Ahluwalia, deputy chairman of Planning Commission, to the Kingdom early this month, said Shahare, adding that there was no export ban on high-quality Indian basmati rice.
 
India, the world's second-biggest rice exporter and a main supplier to the Gulf region, banned all non-basmati rice shipments in March.
 
Shahare said India had been exporting 500,000 to 600,000 tons of rice, mainly basmati, to Saudi Arabia annually.
 
Last year Saudi Arabia imported a total of 960,000 tons of rice, making it the world's sixth biggest rice importer.
 
Around 70 per cent of the Kingdom's rice imports were basmati rice, mainly from India, while Thai rice accounted for 10 percent.
 
The Kingdom and the UAE are now securing more rice from Thailand to meet growing domestic demand, news reports said.
 
 

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