IMF: Most oil exporters facing deficits

Most oil exporting countries will run fiscal deficits this year if the crude price averages $57/bbl as currently indicated by markets, according to the International Monetary Fund.

The main exception is Kuwait, IMF said in an update to its Regional Economic Outlook, which projects fiscal balances as percentages of each country’s gross domestic product. Kuwait’s fiscal surplus this year will fall to 11.1% of GDP from 21.9% last year, according to IMF.

The only other oil exporters not expected to show deficits this year in IMF’s analysis are Turkmenistan and Uzbekistan.

Among major oil exporters, Saudi Arabia faces a deficit of 10.1% of GDP in 2015 after a surplus of 1.1% in 2014.

For other major exporters, IMF projects deficits this year relative to GDP of 3.7% for the United Arab Emirates, 3.4% for Iran, 6.1% for Iraq, 37.1% for Libya, 1.5% for Qatar, 15.1% for Algeria, 14.5% for Azerbaijan, and 2.3% for Kazakhstan.

IMF projects total oil export revenue losses this year of $300 billion among Gulf Cooperation Council (GCC) countries: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

Among non-GCC exporters Algeria, Iran, Iraq, Libya, and Yemen, 2015 revenue losses will total about $90 billion.

And Caucasus and Central Asian exporters Azerbaijan, Kazakhstan, Turkmenistan, and Uzbekistan will have revenue losses totaling $35 billion, IMF projects.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...