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The Middle East invokes different regions to many people. British diplomats in the nineteenth century who first coined the term thought of the Levant, Palestine, and Egypt as the Near East and of India and China as the Far East so the Middle East was Arabia, Persia and the other bits in between.
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Sky-high oil prices may be quashing Americans appetite to spend, but in parts of the Middle East it is stoking business and fueling immense fortunes. This is good news for the regions 20 richest billionaires, who hail from six countries, made their money in nine industries, and were worth $123 billion in March when we last locked in net worths, up about 10 percent from the previous year.
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Libyan leader Moammar Gadhafi ended Tuesday a European tour during which France and Spain confirmed his international rehabilitation in exchange for promises of lucrative contracts.
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Buckle-up for a taxi ride unlike any other: "Taxi to the Dark Side," will take you, along with an Afghan taxi driver named Dilawar from his familys peanut farm in Afghanistan to the darkest side of the American war on terror.
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A major new private investment firm has been formed in Dubai, the official WAM news agency reported Tuesday.
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Gulf Arab leaders Tuesday wrapped up a two-day summit that agreed to maintain their currencies peg to the U.S. dollar and to launch a pan-Gulf common market in January.
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Oil prices retreated in Asia trade Tuesday, reported AFP, after threatening the symbolic 100-dollar level as concerns over tight supplies continued to support the market, dealers said.
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World oil prices edged up Friday, after shooting close to $100 earlier this week, as traders worried about tight supplies and geopolitical jitters in key producers.
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Iranian President Mahmoud Ahmadinejad said Sunday OPEC heads of state were annoyed about the decline in the dollar and asked their finance and oil ministers to study the issue of pricing oil.
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When I decided to start up a current affairs magazine in Damascus, my friends told me that the first edition would likely also be the last. This October our monthly magazine, Syria Today – a Syrian-American joint venture, celebrated its third anniversary.
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Saudi Arabia has launched a public relations offensive to improve its image at an OPEC summit here, but its efforts have been overshadowed by a court case in which a gang rape victim was sentenced to 200 lashes.
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Despite decades of authoritarian rule and humanitarian tragedies Iraqi Kurdistan is touted as Iraqs success story even while threats to Kurdish economic viability persist.
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Bilateral trade accords are driven by politics more than economics, and the U.S.-Morocco free trade agreement, or FTA, is no exception.
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The current surge in world oil prices could be losing momentum as demand declines and output from the OPEC producers cartel picks up, the International Energy Agency (IEA) said Tuesday.
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David Emerson, Canadas Minister of International Trade, is to lead a trade mission to the Middle East from November 12 to 18, to pursue trade and investment opportunities, a government spokesman has reported.
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Even with Dubai-based Emirates, the Middle Easts largest carrier, next door, Abu Dhabis young Etihad Airways sees enough space to thrive in the growing regional air travel market.
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Iraqs Kurdish region has defiantly signed seven new foreign oil deals in a move sure to anger Baghdad, which opposes the unilateral sell-off of crude blocks in the absence of a national oil law.
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Malaysian conglomerate MMC Corporation has signed a deal to take part in a joint venture project to develop a $535-million container terminal at Jeddah port in Saudi Arabia.
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Qatari investment fund Delta Two Monday ditched a takeover bid for British supermarket group J Sainsbury worth 10.6 billion pounds, citing poor global credit markets and a wrangle over pensions.
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Stock markets in the energy-rich Gulf states defied regional tensions to make a resounding recovery in October, driven by record oil prices.
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Turkeys trade deficit rose 10.4 percent to $45.3 billion in the first three quarters of 2007, the national statistics institute said Wednesday.
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Dubai government-controlled DP World Wednesday said it had moved into the Egyptian maritime market for the first time, buying a 90-percent stake in a container port operator for $670 million.
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The National Bank of Kuwait, the Gulf emirates largest bank, has acquired 93.77 percent of Egypts AlWatany Bank in a deal worth more than $900 million, the bank and the bourse said Monday.
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German distribution giant Metro, the third biggest retailer worldwide, has opened its first store in Lahore, Pakistan, the company said Monday.
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Drydocks World, a maritime holding company belonging to the government of Dubai, said Monday it had bought Singapores Labroy Marine Limited for $1.63 billion in a further sign of the booming Gulf emirates plan to aggressively expand its global ho
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Dubai state-owned carrier Emirates said Monday it may consider a stock market flotation, close on the heels of an announcement by holding company Dubai World of a similar initial public offering (IPO).
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Inflation in most oil-rich Gulf countries will remain high in 2007 driven by high demand for housing and goods, but will slightly subside next year, the International Monetary Fund (IMF) said Monday.
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Twelve countries from the oil-rich Black Sea region pledged to boost trade and economic cooperation at a one-day meeting here Thursday, but the political conflicts that separate them remained visible.
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Turkey and Israel Tuesday agreed to pursue talks on the investment and operational costs of a planned multi-purpose pipeline to carry oil, natural gas, and water, Turkish energy minister Hilmi Guler said.
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As Turkeys military bares its teeth across the border with Iraq, oil prices sit comfortably above the $80-per-barrel mark. Any incursion will likely not affect the work of Iraqs oil sector today, but could stifle investment, especially in the Kur
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Iran says it is ready for the joint production of power with India and has sought to conduct a feasibility report.
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Dubai port operator DP World announced Sunday that it will sell around 20 percent of its shares in an initial public offering (IPO) starting November 4.
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French President Nicolas Sarkozy heads Monday to Morocco for a three-day state visit intended to cement ties with the former colony and clinch a raft of high-profile trade deals.
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Oil prices broke through the $90-per-barrel mark Friday for the first time amid rising political tensions in the Middle East and the decline of the dollar against major currencies.
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Ethiopia has unveiled its first locally-assembled saloon car - with parts imported from China - two years after it rolled out a plant.
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The Turkish government cut its primary budget surplus target for 2008 by one percentage point, finance minister Kemal Unakitan said Thursday, in a sign of relaxing monetary policy following a strong economic recovery.
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Emaar, the Dubai-based construction giant building the worlds tallest tower, said Wednesday that its profits dipped in the third quarter of the year because of expansion costs.
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EgyptAir said Tuesday it has been admitted as as a member of the Star Alliance group of airlines.
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Kuwaits Central Bank raised the value of the dinar by 0.53 percent against the flagging US currency Tuesday, with $1 now worth 0.27875 dinars.
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South Koreas Samsung Heavy Industries said Tuesday it had won a $1.4-billion order to build eight container vessels for an Israeli buyer.
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Iran needs to request an extra $2 billion to import petrol after its original budget allocation ran out halfway through the year, the ISNA news agency reported Monday.
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Czech and Bahraini finance ministers signed a bilateral agreement on promoting and protecting investments Monday in a move aimed boosting two-way business.
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The National Bank of Kuwait, the Gulf emirates largest bank, Wednesday announced a 16-percent rise in net profits for the first nine months of the year.
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Hong Kongs chief executive said Wednesday the city would look to emulate Malaysia and Singapore as a center for Islamic finance, in an effort to grab a slice of the thriving market.
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Qatars energy minister said crude oil prices, which have surged recently to record levels above $80-a-barrel, should be more-than-$100.
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Bahrain has launched a campaign to stamp out corruption with a series of arrests of business executives in the Gulf island state.
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Egypt and Israel are to lower the threshold of Israeli components required in Egyptian products for them to be exported to the United States duty-free, an Israeli official said Tuesday.
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Qatars Diar real-estate investment company announced Sunday it has agreed to buy phase two of the Grosvenor Waterside residential development in the upmarket London district of Chelsea.
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Oil-rich Gulf countries have embarked on grandiose projects to build and expand their airports, capitalizing on huge oil-generated surpluses and an ideal geographic location.
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Fellow US foes Iran and Syria have signed an agreement for Tehran to export $1-billion worth of gas every year to its chief regional ally, Iranian state television reported Thursday.
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Saudi Arabia, whose coffers have swelled in recent years on record high oil prices, plans to build five new airports for the vast desert kingdom, the Arab News reported Thursday.
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The Kuwait Stock Exchange (KSE) has defended decisions that have been strongly criticized by leading investors, vowing that it would not allow anyone to undermine the national economy.
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French and Italian auto groups PSA Peugeot Citroen and Fiat Wednesday said they had launched a new production line for vans made by the Turkish manufacturer Tofas.
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Forty-three of the 190 firms listed on the Kuwait Stock Exchange made an unprecedented protest Wednesday about decisions by the bourses management they said was detrimental to the economy.
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Eritrea has granted Chinese firms licenses to explore for gold and other minerals, the government said Wednesday as the country boosts economic ties with Beijing.
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Iraqs Kurdistan regional government announced four more oil deals Wednesday, ignoring criticism from Prime Minister Nuri Al Malikis government and Washington of its unilateral sell-off of the countrys national resources.
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Qatar Holding, part of the Qatar investment authority, sought approval Tuesday from the Swedish stock market regulator to boost its stake in the Nordic-and-Baltic-exchange OMX.
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The Asian Development Bank (ADB) said Tuesday it will lend Afghanistan $176 million to complete a "ring road" highway that will link the northern part of the country to the west.
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Iran will sign a multi-billion-dollar gas pipeline deal with Pakistan in the absence of India by the end of October, a top Iranian oil official said Saturday.
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Private sector salaries in the booming oil-producing Gulf countries have risen by an average of 9 percent in 2007, amid an increasing cost of living and shortage of talent, a study said Sunday.
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Kuwait has selected 17 international companies to bid for the construction of a $14-billion oil refinery, after scrapping the first round of tenders because of inflated cost estimates.
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Iran warned France that it was prepared to go ahead with a major gas project with Total using Iranian firms alone if the French oil giant gives in to political pressure and does not swiftly implement the deal.
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A senior US human rights official Wednesday criticized laws in the oil-rich Gulf states that restrict migrant workers under a system that some campaigners say is akin to slave labor.
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Warner Brothers plans to expand its entertainment empire to Abu Dhabi, by opening a theme park in the wealthy Gulf emirate that aims to become an international center for art and culture, one of the project developers said Wednesday.
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The impoverished Gaza Strip risks being economically paralyzed if other Israeli banks follow the example of Bank Hapoalim and sever ties with the territory, officials said Wednesday.
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Kuwait has again increased its budget for a new oil refinery to more than $14 billion after scrapping an initial tender round because of high cost estimates from international bidders.
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Oil powerhouse Saudi Arabia announced Wednesday a record budget surplus of more than $77 billion for 2006 thanks to surging crude prices.
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Bourse Dubai said Wednesday that it had sweetened its takeover offer for Nordic market operator OMX and had secured 47.6 percent of shares in the group.
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Singapore once again topped the World Banks ranks for the best place in the world to do business, and Egypt is the leader in reforms to invite more business, the World Bank said Tuesday.
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Israels largest private bank Tuesday announced that it was severing all ties with banks in the Gaza Strip following a government decision to declare the Hamas-ruled territory a "hostile entity."
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Irans new central bank chief Monday warned foreign banks that have cut business with Tehran amid the ongoing dispute over its nuclear program that they would lose out if they returned to the country.
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China has loaned Ethiopia more than $200 million to boost cement production and hydroelectric power generation, state-run media said Tuesday.
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Abu Dhabi National Energy Company (TAQA) Monday announced the purchase of Canadian oil and gas firm PrimeWest Energy Trust for $5 billion, the company said.
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Egyptian authorities Monday detained eight workers at a giant textile factory north of Cairo where thousands of employees are on strike to protest against unpaid profit shares and low wages, a security source said.
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Yemen Monday signed a deal with Powered Corp. of the United States to build nuclear power plants at an estimated cost of $15 billion.
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Malaysias MMC Corporation Monday said that it would partner Dubai World to build an ambitious 16 billion ringgit ($4.7 billion) maritime center in southern Johor state facing Singapore.
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Iran and Pakistan Monday started a new round of talks over finalizing a long-delayed multibillion-dollar gas pipeline project with India, but in the absence of Indian officials.
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Qatar has upped its stake in the London Stock Exchange (LSE) to nearly 24 percent by acquiring an additional 3 percent of shares, a Qatari newspaper said Sunday.
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Kuwait Sunday extended the bid period for a 26-percent stake in its third mobile company until November 18, from the previous closing date of September 7, the establishing committee said.
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Yemen will hold talks with US and Canadian investors on funding construction of a nuclear reactor in the Arabian Peninsula country, energy and electricity minister Mustafa Bahran said Saturday.
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The United Arab Emirates will cut oil output by around 600,000 barrels per day (bpd) in November, due to maintenance work at three oilfields, the state-run Abu Dhabi National Oil Company (ADNOC) said Sunday.
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Turkeys top business group urged the government Friday to consult all sections of society in drawing up a new constitution and to ensure that the basic tenet of secularism remains intact.
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Iraq hopes to reach a deal that will cancel 90 percent of its $13-billion debt to Russia by the end of the year, Iraqi foreign minister Hoshyar Zebari said Friday.
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Iran Wednesday said the Organization of Petroleum Exporting Countries (OPEC) would not allow itself to be pressured by consumers in the face of rising oil prices, saying current record crude highs were good for oil-exporting countries.
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Turkeys Telecommunications Board has canceled a tender for the countrys first third-generation mobile phone license due to lack of competition, the Anatolia news agendy reported Wednesday.
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Telecom giants Vodafone and AT&T are among seven firms bidding for a second, mobile-phone license in Qatar, the gas-rich states telecommunications regulator said Tuesday.
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Saudi business leaders Tuesday welcomed a decision by the government to facilitate entry visas for foreign businessmen, saying it would boost investments in the kingdom.
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Japanese energy giant Cosmo Oil said Tuesday it will sell a 20-percent stake in its business to a state-managed fund in the United Arab Emirates that will become its biggest shareholder.
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The Central Bank of Kuwait (CBK) announced Monday it has granted Qatars Doha Bank an initial license to operate in the emirate, making it the sixth foreign bank to obtain the permit.
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Saudi Arabia announced Monday it has signed a 4.43-billion-pound ($8.86-billion) deal to buy 72 Eurofighter planes, after tortuous negotiations on one of the largest-ever British export orders.
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Iran has massively cut down its dependence on the dollar in the face of US pressure over its nuclear program, and now 70 percent of its foreign assets are saved in other currencies or in gold, an official said Monday.
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Afghanistans economy is expected to grow 13 percent this financial year, mainly because of the inflow of billions of donor dollars for reconstruction, the Asian Development Bank (ADB) said Monday.
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Turkeys estimated unemployment rate remained unchanged at 8.8 percent in the three months to the end of July, compared to the same period, last year, official data showed Monday.
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Iraq is to start, this week, delivering oil to Jordan at preferential rates, under a delayed year-old agreement, the kingdoms transport minister said in an interview published Sunday.
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Iran Sunday expressed impatience with India over the finalizing of a multi-billion-dollar gas pipeline deal via Pakistan, warning that it could go ahead with Pakistan, alone, if India procrastinated.
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The Organization of Petroleum Exporting Countries (OPEC) chief Abdalla Salem El Badri said Friday the current oil price of $80 did not reflect fundamentals, and was unlikely to last long.
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Organization of Petroleum Exporting Countries (OPEC) oil exporters have agreed to increase their output by about 2.0 percent from next month, but oil markets are set to remain tense for the remainder of the year, analysts believe.
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State-owned Saudi Arabian Airlines plans to slash 50 percent of its domestic flights by the end of October, so as to allow two private carriers to fly new routes, the Arab News reported Thursday.
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National carrier Royal Jordanian said Wednesday it plans to launch its first flights to Hong Kong starting in January of next year, in a bid to bolster tourism and trade between the kingdom and China.
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The ghosts of Asias 1997 financial crisis haunted an Organization of Petroleum Exporting Countries (OPEC) meeting here Tuesday, as members of the oil cartel split about whether to raise output to help cool surging crude prices.
