This Selected Issues paper on Angola reports that oil production in Angola accounts for about half of GDP and about 75 percent of government revenue. The projections for the government’s fiscal position in the medium term will be crucially dependent on both the value of oil production and...

This Selected Issues paper on the Republic of Kazakhstan underlies growth of the non-oil sector, fiscal management of oil wealth, and bank credit growth. The share of tradables in the non-oil sector has declined significantly, both in terms of value added and employment, while many nontradable...

This paper attempts to offer specific inputs to the debate on local content promotion in the oil industry, using the specific case of São Tomé and Príncipe as point of reference. Our approach emphasizes inter-sectoral linkages and institutional pre-conditions for local content promotion....

This paper explores from a regional perspective the distorted nature of trade in energy products within the CIS countries. The persistence of pricing distortions, barter arrangements, and discriminatory access to pipelines, as well as failure to honor contracts, has disrupted and distorted...

The discussions for the 2003 Article IV Consultation with Equatorial Guinea were conducted in Malabo and Bata. Executive Directors expressed concern about the continued weakness in economic policy performance, macroeconomic management, and governance. The authorities agreed that Equatorial...

This paper documents the protracted process of shaping the rules governing oil operations in São Tomé and Príncipe. It analyzes the institutional framework for oil sector development, which applies Milton Friedman's permanent income hypothesis to the management of oil resources. São Tomé...

Oil revenue plays a central role in Russia's economic development. Thus, the recent decline in oil production and investment, and the possible contribution of the current fiscal regime to these developments, have prompted a reassessment of the oil tax system in Russia. Some important changes...

This Poverty Reduction Strategy Paper for Nigeria highlights the National Economic Empowerment and Development Strategy (NEEDS). NEEDS gives special support to agriculture, industry, small and medium-scale enterprises, and oil and gas. Under the plan, the government will seek long-term capital...

Under imperfect competition, Russia and Ukraine may choose to deviate from optimal tax considerations which suggest use of a destination-based VAT regime. Oil and gas trade is a major source of Russian tax revenue, which is collected partly through an origin-based VAT on intra-CIS energy trade....

We discuss and reconcile two diametrically opposed views concerning the future of world oil production and prices. The geological view expects that physical constraints will dominate the future evolution of oil output and prices. It is supported by the fact that world oil production has...