The president of the Organisation of Petroleum Exporting Countries (OPEC), Chakib Khelil, has spoken out during the World Energy Congress in Buenos Aires this week against the likelihood of a cut in crude oil prices as a remedy for a global recession and has called for a reduction in energy taxes instead.
Chakib Khelil, who is also Algeria's Minister
of Energy and Mines, criticised the high taxes on petroleum in many European
countries who are major consumers of the resource. He argued that petroleum
product taxes are as high as 80 per cent in some consuming countries and
claimed that the taxes raise around US$1 trillion a year in revenue compared
to the $250 billion that OPEC countries receive from crude oil sales.
'Simply instituting a 10% decrease in petroleum taxes could bring $100
billion into the pockets of consumers,' he said. 'This would immediately
help to boost economic growth.'
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