GLOBAL
 
Modeling OPEC Fiscal Break-Even Oil Prices: New Findings and Policy Insights
 
New evidence confirms what well-informed OPEC observers have contended for some time, that member countries are pursuing expansionary fiscal policies. The group’s combined budget is set to grow by 7% in 2013, maintaining government spending at about one-third of aggregate GDP in nominal terms. On average, petroleum fiscal revenues are projected to amount to 76% of total income....