Middle East Economic Survey


No 24


IEA Sounds Alarm Over $557Bn Energy Subsidy Spend

Global spending on energy subsidies rocketed by 63% to $557bn in 2008 from the year before, with Middle East Gulf oil and gas producers Iran and Saudi Arabia occupying first and third spots respectively among the worlds energy subsidizers, a new study by the International Energy Agency (IEA) shows. The message of the IEA study, prepared for presentation to the 26-27 June G20 summit in...