Opec Kicks Against Carbon Taxes

OPEC members are not thrilled with carbon taxes that some developed countries impose or plan to impose on carbon emissions.

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Discretionary trading:

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Technical trade:

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According to Algeria’s Minister of Mines and Energy, Chakib Khelil, the carbon taxes discriminate against energy producing countries. Khelil said that the cartel was united in opposing the taxes.

He said carbon taxes would cut into the revenues of energy producers and make energy imports more expensive for developing countries.

“There is a consensus that is very clear. The countries of OPEC have been working for a very long time on this issue,” he said on Algerian State radio. “The producers will be penalised.

“This tax is discriminatory with regard to gas and oil and is not in the interests of producing countries and is also not in the interest of developing countries,” said Khelil, a former OPEC president.

At the Copenhagen Climate Conference, many developed countries spoke out in favor of carbon taxes. The U.S. has a House bill that allows for the imposition of tariffs on goods from countries that do not constrain their carbon output. The E.U. has called for carbon taxes at its borders to protect industries and jobs with French president Nicolas Sarkozy saying he and Germany’s Chancellor Angela Merkel are proceeding with plans for a “border adjustment tax” on imports from countries without targets and trading systems comparable to those in Europe.