Windfall Taxes On Energy Company Profits Won’t Be Lifted Anytime Soon ...Middle East

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Windfall Taxes On Energy Company Profits Won’t Be Lifted Anytime Soon
Oil prices could take seven years to return to normal levels, warned energy analysts, reducing the prospect of the windfall tax on North Sea oil and gas operators being lifted in the near future. Chancellor Rishi Sunak left the door open for a reversal in the policy when speaking to the Treasury Committee yesterday. He revealed that the recently announced Energy Profits Levy will be withdrawn when oil prices returns to “historically more normal levels.” When pushed on the matter, he suggested prices would need to drop to around $60-70…

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