Oil Producers Use Higher Crude Prices For 2012 Budgets
Most oil producing countries have adopted higher crude prices for their 2012 state budgets. The increase has been spurred on by jumps in expenditure due to the subsidies and economic stimulus programs put in place to appease Arab Spring protestors. Higher market prices have also encouraged the hike. The OPEC Basket price jumped to an average of $112.11/B last year from 2010’s...