In its projection the IMF assumes steadily rising oil prices (blue line) and oil exports (blue dotted line, 4.4 mb/d by 2020 from 5.5 mb/d production) so that oil revenues can almost double over 5 years. Fig 2: Four IMF reports and their projections Fig 3: Expenditure vs Revenue Fig 4: Budget balance 2004-2014-2020 Fig 5: Balance of Payments Fig 6: GIR time series Fig 7: Fiscal breakeven oil price Fig 8: IMF breakeven oil prices estimated in May 2015 Fig 9: Actual crude oil production […]