2 October 2026
Table of Contents
- Table of Contents
- Fewer Barrels, Same Earnings, More Revenue
- How we measured export earnings
- Each comparison tells us something different, and we need both
- What the second half depends on
- Export earnings were flat. So why did oil revenue rise 22%?
- How the estimate is built
- Where Did the Budget Deficit Come From?
- Income versus spending
- Where the spending went
- Most of the deficit came before the disruption
- How we will know if we are wrong
- Conclusion
- End Note