Among the top 12 countries subsidising fossil fuel consumption globally, half are from the MENA region. In its 2012 World Energy Outlook, the International Energy Agency (IEA) showed fossil fuel subsidies by Iran, Saudi Arabia, Egypt, Iraq, the UAE and Algeria stood at around $225 billion in 2011 – nearly half the global total. With oil prices typically around $110-115 per barrel in recent months, energy subsidies show no sign of coming down of their own accord. Faced with ballooning budget deficits, several MENA countries are...
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