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Mrs. Harinder K Malothra, Mr. Milan M Cuc, Mr. Ulrich Bartsch, and Mr. Menachem Katz

Abstract

In this chapter, we present the structure of institutions that oversee the oil sector. After reviewing the legal framework, we discuss the role of national oil companies.

Mrs. Harinder K Malothra, Mr. Milan M Cuc, Mr. Ulrich Bartsch, and Mr. Menachem Katz

Abstract

While it may not be possible to identify an “optimal” fiscal policy for oil countries in general, the discussions in the previous section provide important issues for consideration by policymakers. In this section, we present some operational issues to help in the design of schemes for the use of oil revenue. This subsection presents (1) the case for a rule-based fiscal policy and (2) possible fiscal rules, including two “extremes” to be used as guideposts for the possible range of expenditure profiles.