This paper discusses issues relating to the domestic pricing of petroleum in oil-producing countries. It finds that in … implicit subsidies that equaled 3.0 percent of GDP, on average, in 1999. Moreover, the paper argues, these petroleum subsidies …-and also procyclical, complicating macroeconomic management. Nonetheless, the elimination of petroleum subsidies is often …

Provides an overview of the petroleum industry, its history, and its key players; examines the relationship between oil …