Arab Today, arab today uae drops fuel subsidies to boost finances cut emissions
Last Updated : GMT 20:09:46
Arab Today, arab today
Arab Today, arab today

UAE drops fuel subsidies to boost finances, cut emissions

Arab Today, arab today

Arab Today, arab today UAE drops fuel subsidies to boost finances, cut emissions

IMF
London - MENA

The collapse of oil prices from more than $100 a barrel a year ago to the current level of about $55 has put pressure on the budgets of oil-producing countries, Financial Times reported Wednesday.

Oil-dependent economies in the Gulf have come under pressure from the International Monetary Fund to reduce fuel subsidies.

The IMF said petroleum subsidies in the UAE amount to $7bn a year and are part of a package of energy subsidies that total $29bn, or 6.6 per cent of gross domestic product, and also include support for natural gas and electricity.

The UAE needs an oil price of around $75 a barrel to balance its budget, but has substantial reserves. Other Gulf states, such as Bahrain and Oman, are dependent on prices of more than $100 a barrel to break even and have smaller reserves than the UAE.

The UAE said on Wednesday a government-appointed committee chaired by Matar al-Neyadi, energy ministry undersecretary, would set petrol prices in accordance with global oil price benchmarks, from the beginning of next month.

Suhail al-Mazroui, the minister of energy, said the move would build a stronger economy not dependent on government subsidies.

The UAE’s move is the latest in a series of steps governments have taken to cut fossil fuel subsidies that totalled $548bn in 2013 in emerging and developing economies alone.
India, Indonesia, Mexico and Egypt are among those to have started reforming energy subsidies.

These economies largely subsidise the consumption of fossil fuels while wealthier nations support the production and exploration of oil and gas as well, with measures estimated to amount to $55bn-$90bn a year in OECD countries.

“It’s an excellent move,” said Nasser Saidi, an economist who has been calling for subsidy reform for years. “It will point out the direction for other countries in the Gulf.”

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today uae drops fuel subsidies to boost finances cut emissions Arab Today, arab today uae drops fuel subsidies to boost finances cut emissions

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories for women

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories for women
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday