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Upward trend intact at Saudi bourse
- Saudi Arabia: 18 hours, 11 minutes ago
The Riyadh-based Tadawul All-Share ended up 0.10% to hit 6,769.96. SABIC gained 0.30%, ending at SR90.75. Earlier in the day, OPEC ministers decided at their meeting in Vienna to keep output quota even at 30 million barrels per day, sending oil prices 0.30% to reach $104.71 (DME Oman crude). Saudi Arabia pressed oil production down to the lowest level in 12 months in order to compensate pressure on prices from the U. S. which continues to step domestic oil production. Earlier in the day, Angus Blair, president of Signet Institute, a think-tank dedicated to the MENA region, said at the Euromoney Qatar summit in Doha that the GCC shall not worry about the U. S.'s alleged way to oil-independence which the International Energy Agency expects to happen by 2020. "Demand from the emerging markets in East Asia and Africa will continue to rise and both regions have no real alternative than importing oil from the Middle East" said Blair.
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Gérard Al-Fil, Financial JournalistWednesday, December 12 - 2012 at 18:34 UAE local time (GMT+4)
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