IMF’s Lagarde Says Oil May Stay Low for Longer Than Expected
- Gulf Arab states should raise taxes to make up for oil losses
- Crude supply-demand signals low prices for `extended period'
Oil Freeze: Locking In High Supplies, Low Prices
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Crude prices will probably stay low for longer than expected, International Monetary Fund Managing Director Christine Lagarde said, urging Gulf Arab oil-producing countries to cut spending and boost revenue through new taxes.
A value-added tax that’s the same across the six-nation Gulf Cooperation Council should be adopted, Lagarde said in a speech in Abu Dhabi. The measure along with corporate income and property taxes would help raise government income, she said.