In the May edition of our fiscal month in brief' report, we highlight the main stories affecting global upstream fiscal terms and provide context for these developments. Changes in fiscal terms: Australia restricted export LNG. Azerbaijan issued its first RSC, and Brazil gave details on it's upcoming pre-salt PSC. Ongoing fiscal discussions: Australia completed its PRRT review, Ecuador announced a PSC instead of it's usual service contract, Nigeria made headway towards fiscal reform, and Romania deregulated household gas prices. Russia began testing more profit-based taxes. Licensing: New rounds were launched in Newfoundland and Labrador, China, and Georgia.