IEA

Nobuo Tanaka, executive director of the International Energy Agency (IEA), was interviewed by the Financial Times (FT) yesterday and said that oil importing countries were receiving a $1 trillion tax break by lower oil prices.  He said that the IEA's analysis showed that if oil prices stay at around $40 a barrel for the balance of this year, the presumed $1 trillion in savings for oil importing countries would help contribute to their economic recovery, which is good in the long term for oil exporting countries. =>Continue Reading