Which oil-producing countries will lose the most if the oil price remains between 40 and 50 dollars per barrel?
We believe the oil price (Brent) will remain between 40 and 50 dollars per barrel for a long time: Below 40 dollars, US shale oil production is discouraged, and there is not enough oil produced; The weak global oil demand (due to the lasting decline in GDP in the wake of the COVID crisis and the acceleration in the energy transition) is preventing a rise in the oil price above 50 dollars per barrel. Which countries will then be the biggest losers from this situation? Those where there is a large, chronic fiscal deficit at this oil price; Those where there appears to be a large external deficit given the weight of energy exports at this oil price.