MIDEAST STOCKS-Saudi tumbles as energy price rises considered | Reuters:
"Saudi Arabia's stock market fell
sharply on Tuesday after the oil minister said the government
was considering whether to raise domestic energy prices, a
reform that could initially at least hurt consumer spending and
corporate profits.
Asked on the sidelines of a mining conference if he expected
domestic energy prices to increase in the near term, Ali
al-Naimi said: "What you are asking is: is it under study? And
the answer is yes."
Naimi did not give any details of the possible changes,
which could form part of a major tightening of fiscal policy
next year as the government reduces a budget deficit estimated
at well over $100 billion in 2015."
'via Blog this'
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