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Middle East and Central Asia > Qatar

You are looking at 1 - 3 of 3 items for :

  • Type: Journal Issue x
  • Nonrenewable Resources and Conservation: General x
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Cover Staff Climate Notes
Key Challenges Faced by Fossil Fuel Exporters during the Energy Transition
Diego Mesa Puyo
,
Augustus J Panton
,
Tarun Sridhar
,
Martin Stuermer
,
Christoph Ungerer
, and
Alice Tianbo Zhang
The global energy transition is affecting fossil fuel exporters from multiple angles. It is adding to longstanding uncertainties on relative movements of fossil fuel demand and supply—which impact fossil fuel-related exports, fiscal flows, investment and subsequently external and fiscal accounts, economic growth, and employment. While policymakers are very familiar with these challenges, they now also face expectations of a permanent decline in the long-run global demand for fossil fuels. Key factors that could determine country-level impacts include (i) the type of fossil fuel a country exports (ii) extraction costs and (iii) country characteristics. The monitoring and mitigation of fiscal risks will need to be stepped up. Fiscal policy also has a role in reducing domestic emissions, encouraging adoption of low-carbon technologies, and helping those most vulnerable to changes from the transition. Broader macroeconomic risks can be reduced by accelerating ongoing structural reforms that support alternative engines of growth. Low- or zero-carbon emission energy industries could offer new avenues that build on existing fossil fuel knowledge and infrastructure. Concurrently, improved financial regulation and supervision could reduce financial sector exposures. Finally, international coordination on the design and implementation of climate policy as well as international transfer schemes (financing and capacity development) could reduce uncertainties surrounding the transition path and associated adverse economic consequences.
Keywords:
Macroeconomic policy; climate change; energy transition; fossil fuel exporters; commodity market; climate mitigation; economic diversification; international coordination; IMF staff Climate note; IMF staff Climate Note 2024/001; fossil fuel exporter; building financial asset buffer; cost exporter; Non-renewable resources; Exports; Oil; Renewable energy; Global
Cover IMF Working Papers
Current Account and Precautionary Savings for Exporters of Exhaustible Resources
Mr. Rudolfs Bems
and
Mr. Irineu E de Carvalho Filho
Exporters of exhaustible resources have historically exhibited higher income volatility than other economies, suggesting a heightened role for precautionary savings. This paper uses a parameterized small open economy model to quantify the role of precautionary savings in economies with exhaustible resources, when the only source of uncertainty is the price of the exhaustible resource. Results show that the precautionary motive can generate sizable external sector savings. When aggregated over the sample countries, precautionary savings in 2006 add up to 3.2 percent of GDP. The quantitative importance of the precautionary motive varies considerably across the sample countries and is driven primarily by the weight of exhaustible resource revenues in future income. The parameterized model fares well at capturing current account balances in both cross-section and time-series data.
Keywords:
WP; precautionary saving; interest rate; open economy
Cover The Middle East and North Africa in a Changing Oil Market
The Middle East and North Africa in a Changing Oil Market
Mr. Bright E Okogu

Abstract

The world oil market has undergone a series of changes that have reduced the share of oil in the global energy balance and, with it, the influence of Middle Eastern oil exporters. In spite of oil’s loss of ground, however, Middle Eastern countries remain at the center of world oil developments. This paper focuses on the developments in the international oil market, the role of Middle Eastern countries therein, and the policy challenges arising from the dependency on oil.

Keywords:
MISC PUBS; Misc.; price; Opec; market share; OPEC output; demand; OPEC grip; OPEC price-setting practice; OPEC oil quota obligation; price collapse; MENA OPEC country; quota policy; price effect; term contract; OPEC reserve; OPEC pricing approach; supply share; reference price; Oil; Oil prices; Oil sector; gas and mining taxes; Natural gas sector; Middle East; Global