Brent at $120 reshapes subsidy politics and fiscal space across oil-producing and oil-importing African states

With Brent crude now trading at $120 per barrel — up from the $115 level reported on September 15 — the divergence in fiscal positions between Africa's oil exporters and importers is widening further. The elevated price is intensifying domestic subsidy debates and compressing the fiscal space of oil-importing African states while boosting export revenues for producers.