Cairo

Saudi King: oil must be $75 per barrel

CAIRO: Saudi Arabia’s King says the price of oil should be $75 a barrel, much higher than it is now, but his Oil Minister indicated on Saturday that OPEC will not decide whether to cut output until the body meets again next ...

OPEC Pres Sees 59 Days Stock Cover If Situation Continues

CAIRO (Dow Jones)--OPEC President Chakib Khelil said Saturday he doesn't see an improvement in oil demand in the next few months, and warned inventories could rise to 59 days forward cover if the situation continued. "If the...

Egypt Amreya Cement 9-month profit soars 44 pct

CAIRO, Nov 30 (Reuters) - Egypt's Amreya Cement posted a 44 percent surge in net profit on Sunday to 287.2 million Egyptian pounds ($52 million) in the nine months to end-September, the Egyptian stock exchange said. It gave no...

OPEC delays output cut decision

CAIRO, November 29 (RIA Novosti) - The Organization of the Petroleum Exporting Countries has deferred a decision on a further cut in crude production until a meeting in Algeria on December 17, the president said on Saturday....

Arab oil exporters approve Egypt's anti-crisis proposals

The Organization of Arab Petroleum Exporting Countries approved ahead of an OPEC emergency session on Saturday Egypt's proposal to outline a set of measures to overcome the consequences of the global financial crisis.

Egypt car finance firm offers bonds

Egyptian car finance company Contact Securitisation said yesterday it was offering five-year callable bonds worth 392 million Egyptian pounds (Dh260.57 million) with interest variable between 10 and 12.25 per cent.

Ali Nuaimi: No decisions will be taken in today's ongoing OPEC meeting in Cairo |

علي النعيمي يعلن أن اجتماع دول أوبك اليوم هو مجرّد تحضيري - 29Nov08 (1:05) Ali Nuaimi: No decisions will be taken in today's ongoing OPEC meeting in Cairo - 29Nov08 (1:05) Saudi minister for Petrol and Natural Resources, Ali...

Middle East crude oil down as Oman, Dubai average below $50

The Middle East crude market fell on Friday as the Oman crude official selling price (OSP) was calculated below $50 a barrel for the first time since May 2005, and Abu Dhabi's Murban was offered lower. The low prices...

NewsWatch: OPEC stands pat on output, says members adhere to cuts

The oil cartel has ended a meeting in Cairo without any decision on a production cut, according to media reports Saturday. See full story. Market Snapshot: U.S. stocks look to further recent gains in December Stocks will enter...

Egyptian police arrest 28 Islamists

CAIRO, Nov 29, 2008 (AFP) - Egyptian police arrested 28 members of the Muslim Brotherhood opposition group on Saturday, a security official said. Twenty-four members of the Islamist group were arrested in the town of Marsa...