OPEC, IEA, OECD, World Bank submit joint report to the G-20 Summit

Vienna, 2 July 2010--OPEC, along with the World Bank, the OECD and the IEA was requested by the G-20 leaders when they met in Pittsburgh, in September 2009, to provide an analysis of the scope of energy subsidies and offer suggestions for the implementation of the G-20 initiative. This was aimed at rationalising and phasing out, over the medium term, "inefficient fossil fuel subsidies that encourage wasteful consumption".

After much debate and hard work, the four International Organizations have succeeded in addressing the broader developmental context in which energy subsidies are embedded and in this , present, wherever possible, preliminary quantitative estimates of energy subsidies.