Middle East Economic Survey


No 41


IEA And OECD Urge Reform Of Fossil Fuel Subsidies, 2010 Cost Put At $409Bn

The Paris-based International Energy Agency (IEA) and the OECD on 4 October urged developed and developing countries to phase out inefficient fossil fuel subsidies that are estimated to have cost $409bn in 2010 an increase of some $110bn over 2009. In a joint statement released by the IEA, the two organizations said removing inefficient subsidies would raise...