Photo: Abhisek Sarda (Flickr) CC BY
right Now there is a excess supply of oil, is producing more than is needed, so prices have gone down. The producing countries of OPEC does not have agreed to limit the production, so that the problem is increasing.
Although in the developed countries, net importers, this is good news, not so much for emerging countries, or too dependent on the petrochemical industry. The countries that suffer most the consequences are the following:
tenth producer in the world, and one of the countries with the largest reserves of crude oil, is empowering more quickly. The fall of oil revenues has led to a great setback in social policy, along with a bad internal management, are leading to hyperinflation and shortages.
Just in the last year, inflation increased by 150%, and in 2016 will be worse, a 200%. Venezuela offers oil at a ridiculous price for their nationals, and the exports do not bring enough money. In part, this has led to the first great defeat of chavismo in the last 17 years, with the victory of the opponents of the regime of Nicolás Maduro.
Photo: edward musiak (Flickr) CC BY SA
world’s second largest producer depends on the oil in a 75% to make your budget. It is a country very rich in reserves, but for a lot of pumping, do not match the accounts. In 2015, had a hole of 100,000 million dollars. In part, the problem is your responsibility.
Saudi Arabia does not want the united States to compete with the fracking (fracking), so press for that the prices are very low, producing more. This country has the financial muscle to withstand the pulse, but have already announced severe cuts. The social situation starts to be worrying.
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This country is virtually entirely dependent on oil exports, is the 90% of its foreign trade. Is the twelfth producer in the world, 75% of the country’s revenues depend on oil. Since we are talking about a country in and of itself poor, walk to a critical situation.
CNN cited local media report that there are officers that take months without charge, and that the government is in a situation of suspension of payments. The situation will not improve substantially in 2016.
Is the largest country in the world, and also the the world’s largest producer, about 10 million barrels a day. The accounts of Russia left to make ends meet with prices of a barrel below $ 50. In addition, the ruble has depreciated strongly since the crisis with Ukraine, and the growing economy is hitting a good braking.
According to the IMF, Russian GDP dropped 3.8% in 2015, a situation of recession, as they accumulate losses for several months in a row. In addition, Russia has gotten involved in the Middle East conflict, attacking positions of the Da ‘ esh (or “islamic state”) in Syria. In Russia do not leave the accounts, but Vladimir Putin needs to shore up his popularity.
Photo: BZ | Hawre Khalid (Flickr) CC BY SA
Of the list, is one of the worst that what is going on, the sixth producer in the world. It is a country ravaged by three major wars since the 80’s: war with Iran, and two wars against the united States and its allies. A country in full reconstruction, whose budget do not block below 100 dollars per barrel.
If the situation already is desperate, you must take into account that Iraq is fighting also against Da esh, which controls parts of its territory, and for that you need a lot of money. Part of the infrastructure of production and refining iraqi is out of combat for war damage, or because they have lost the control over the same.