More Business news: Editor's pick of today's headlines
Last Updated: May 12, 2011
Damac to fight Cairo conviction Damac Properties said it would fight a conviction of its chairman in Egypt on charges of corruption by filing an arbitration claim against Egypt in the International Centre for Settlement of Investment Disputes. Read article
DP World in line for early stock listing in London DP World could be listed on the London Stock Exchange as early as May 26 after it got approval from its shareholders to proceed with the listing. Read article
All go on planet of the apps Industry Insights // Consumers are pushing the tech industry to come up with better ways to access the billions of apps they have downloaded. Read article
Pakistani clothing retailer Nishat making inroads in Dubai A major textiles manufacturer and retailer from Pakistan has made its first move into international markets with the opening of a new store in Dubai. Read article
BRUSSELS // Saudi Arabia's governor to Opec refuted forecasts that the world is running out of oil and said the "sustainable" long-term price is $70 to $80 a barrel.
"Contrary to some oil pessimists — because there has been talk of oil peaks — the world's oil resources have actually increased," Majid Al-Moneef, Saudi Arabia's governor to the Organisation of Petroleum Exporting Countries, said today in Brussels. "That's despite accumulative production that was close to 500 billion barrels. So the message is that the resource base is plentiful. So the future is still potentially promising."
Oil producers aren't constrained by supplies or extraction technologies, Mr Al-Moneed said. "The problem is not oil underground," he said. "It's the investment climate needed."
While crude fell below $100 a barrel this week in New York on concerns about global demand, prices are above what is sustainable over the long-term, Mr Al-Moneef said.
"Our view has been that a sustainable price over the long-run is $70-80 per barrel"