Fiscal realities now biting in some major oil producers
The 2026 budgets announced in Russia and Saudi Arabia in the past week point to significant fiscal tightening following declines in oil revenues and budget blowouts this year. Pressures for fiscal tightening are particularly acute in other oil producers too, notably Bahrain, Angola and Nigeria. But strong fiscal positions in some parts of the Gulf leave governments there with scope for fiscal loosening next year.
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