The United Arab Emirates oil minister, Obaid bin Said al-Nasseri, called on oil consumer countries Tuesday to cut fuel taxes, saying OPEC had done its part.
"OPEC has faced up to its responsibilities and done what it could for the world economy and the stability of the oil market. It is up to the consumer nations to cooperate to ease the costs to their citizens as represented by the high taxes on fuel," Nasseri said on his return from Vienna.
Nasseri said that the OPEC meeting in Vienna was "successful and resulted in a major agreement in the interest of the oil market." OPEC decided Tuesday on a hike in production of 800,000 barrels per day from October 1 and called on consumer nations to cut fuel taxes.
This decision, aimed at curbing the surge in crude prices, which have soared in the past few weeks to levels not seen for ten years, has not however yet had the desired effect.—AFP
©--Agence France Presse.
