With rising oil prices, Iran, Iraq, Kuwait, and Qatar could run budget surpluses next year if prices remain stable, Bloomberg reports.
Oil prices will float between $50 to $60 per barrel for the “medium term,” according to the International Monetary Fund’s Regional Economic Outlook, Bloomberg reports.
The break-even prices for several other Middle Eastern governments have fallen, but not enough for them to balance their budgets at current oil prices. Saudi Arabia led the pack, slashing its break-even price from $96.60 in 2016 to $70 for 2018, according to Bloomberg.
Last week Brent crude prices rose above $60 per barrel for the first time since 2015, Bloomberg reported.
After the drastic drop in oil prices in 2014, many oil exporters trimmed their domestic spending to rein in costs.