Egypt’s annual urban consumer price inflation rate falls to 15.7 percent in November

In October, the inflation was at 17.7 percent. (File/AFP)
Updated 10 December 2018
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Egypt’s annual urban consumer price inflation rate falls to 15.7 percent in November

  • Egypt raised fuel, electricity and transportation prices earlier this year to help meet the terms of a $12 billion IMF loan program it signed in late 2016

CAIRO: Egypt’s annual urban consumer price inflation rate decreased to 15.7 percent in November from 17.7 percent in October, the official statistics agency CAPMAS said on Monday.
Egypt raised fuel, electricity and transportation prices earlier this year to help meet the terms of a $12 billion IMF loan program it signed in late 2016, pushing inflation up steadily on the back of rising food prices.


Kingdom to remain oil exporting kingpin says IEA boss

Updated 2 min 56 sec ago
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Kingdom to remain oil exporting kingpin says IEA boss

  • IEA Executive Director Fatih Birol: The Middle East and especially Saudi Arabia will remain the largest exporter of oil for many years to come
  • Fatih Birol: For this year, 2019, let’s pay special attention to US shale because some of the observers last year I think made wrong assumptions and underestimated US shale growth

LONDON: Saudi Arabia will remain the largest global oil exporter for years to come despite the growth of the US oil sector, according to the chief of the International Energy Agency (IEA).

IEA Executive Director Fatih Birol told the World Economic Forum in Davos that despite a rapidly changing global energy sector, the Kingdom would remain a key player.

But he added that the importance of the US shale sector should not be underestimated as it had been in the past.

“The Middle East and especially Saudi Arabia will remain the largest exporter of oil for many years to come,” he told an energy panel at the annual gathering of global political and business leaders in the Swiss mountain resort.

Official data from Saudi Arabia released on Monday showed the Kingdom’s crude oil exports in November rose to 8.235 million bpd from 7.7 million in October.

“The US produce a lot of oil but most of the time they use that at home for domestic purposes. So even though US is now a very important oil producer, the Middle East will remain the largest exporter of oil.

“But for this year, 2019, let’s pay special attention to US shale once again because some of the observers last year I think made wrong assumptions and underestimated US shale growth,” said Birol.

The huge growth of the US shale oil industry has transformed the energy landscape in the US, which until last month had been a net importer of oil for the last 75 years.

Oil prices fell nearly 2 percent on Tuesday, pushed lower by signs of a slowdown in China.