How hard will lower prices hit oil producers’ budgets?

The collapse in oil prices will, of course, have a big negative impact on the fiscal positions of the world’s major oil producers. But countries with large fiscal buffers, including the Gulf economies and Norway, are well placed to cope, whereas others, such as Russia and Venezuela, are already facing a major crisis. Meanwhile, Finance Ministries in a number of countries in emerging Asia are benefitting from cheaper oil and have made long-overdue cuts to their fuel subsidies.