Developing countries account for the bulk of global energy subsidies (Box 5.4). Energy costs were not a large enough share of total expenditures for companies to place a high priority on improving energy efficiency. When energy prices are artificially low, energy-efficiency investments are less profitable than they would be at true cost (Jaccard 2009). In economic value, Iran leads with $66 billion a year in energy subsidies, followed by Saudi Arabia with $35 billion, the Russian Federation with $34 billion and India with $21 billion. The next six - China, Egypt, Venezuela, Indonesia, the United Arab Emirates and Uzbekistan - have subsidies of more than $10 billion each a year. Consumers in non-OECD countries pay less than 50 percent of its true economic value.