US Backs Out Of Global Oil Anti-Corruption Effort

"NEW YORK - The United States has withdrawn as an implementing country from the Extractive Industries Transparency Initiative (EITI), an international effort to fight corruption in managing revenues from oil, gas and mineral extraction.

There had been doubts about continued U.S. participation in the EITI since earlier this year when Congress killed the so-called resource extraction rule, which required companies like Exxon Mobil Corp to disclose taxes and other fees paid to foreign governments, such as Russia.

In a letter to the EITI board on Thursday, the director of the U.S. Office of Natural Resources Revenue, Gregory J. Gould, wrote that “effective immediately” the United States was withdrawing as an EITI implementing country. "

Julia Simon reports for Reuters November 2, 2017.