Saudi Arabia is studying whether to raise domestic energy prices, Oil Minister Ali Al-Naimi said on Tuesday, confirming that the kingdom could cut a lavish system of subsidies blamed for waste and surging fuel consumption.
A sharp fall in energy prices around the world signals worse to come for the slowing global economy as China's decade-long boom peters out, in addition to Europe's long struggle with recession, say analysts.
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Energy prices helped keep euro zone annual inflation at 3 per cent in November, data showed on Thursday, but prices for other goods were unchanged on the month, suggesting the European Central Bank could cut interest rates again.
The outlook for global growth is deteriorating, partly as a consequence of rising food and energy prices, and risk appetite has suffered as a consequence, said an expert.
Carnage in currency and bond markets spilled over to equities and co
Brent oil prices will soften in the second half of this year to around $110 a barrel on worries that government debt problems and sluggish growth will cap demand, which is already dented by high energy prices, a Reuters poll showed.
Egypt has raised energy prices for non energy-intensive industries as part of its plan to gradually eliminate subsidies to all industries, a statement by the trade ministry said.
Non-energy intensive industries, which account for 97 per ce