UAE energy minister says urgent need to cut subsidies in the region as oil prices decline | The National:
"There is an urgent need to cut regional energy subsidies as government budgets are squeezed by slumping oil prices, the UAE Minister for Energy said on Sunday.
Opening an annual industry conference at Abu Dhabi National Exhibition Centre, Suhail Al Mazrouei said the issue of subsidies for electricity has become acute because demand continues to grow by about 9 per cent a year in the GCC countries, even while governments’ spending is under severe pressure.
“These subsidies urge most of the people in the region not to rationalise [their energy consumption] while using energy, and as you may know these figures are a great challenge for the budgets of the Arab world,” the minister said in his speech."
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