At one end of the spectrum, oil exporters will generally experience a decline of their fiscal balances.
With falling revenues (due to declines in oil output and price) and rising fiscal breakeven oil prices,8 the average headline fiscal balance is expected to shift from
surplus to deficit in 2015. In addition, in a number of countries (Iran, Kazakhstan, and Oman) recent wage bill increases raise fiscal vulnerabilities.
Further increases in the wage bill are envisaged in several oil exporting
countries.