Tax fears

Last Updated: Saturday 04 July 2015 | 02:50:09 AM

FEARS that oil demand would decline because of a US-proposed energy tax have been expressed by delegates at a meeting of the Organisation of Petroleum Exporting Countries (OPEC). The Clinton administration had proposed the tax in an effort to reduce emission of greenhouse gases.

OPEC representatives are worried that the US action could encourage the European Community to impose a similar tax. However, their discussions on how to counter the US proposal was overshadowed by a row within OPEC sparked off by charges and denials regarding non-adherence to production quotas.

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