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Energy price reform may be coming to Saudi Arabia. Oil Minister Ali Naimi told journalists on the sidelines of the Saudi Mining and Minerals Conference in Riyadh on 27 October that plans to increase energy prices were being studied, according to reports in Reuters and local Saudi media.
Mr Naimi’s statement comes shortly after an International Monetary Fund (IMF) report published on 15 October that called for the gradual phasing out of low energy prices. Heavy subsidies on oil products and electricity ensure that Saudi Arabia has some of the cheapest energy prices in the world, with average monthly power tariffs of $0.04 per kwh, as opposed to $0.13 per kwh in the United States. (CONTINUED - 700 WORDS)