From Venezuela to Iraq to Russia, Oil Price Drops Raise Fears of Unrest

"Oil, the lifeblood of many countries that produce and sell it, appears to be rapidly turning into an ever-cheaper economic curse. A year ago, the international price per barrel of oil was about $103. By Monday, the price was about $42, roughly 6 percent lower than on Friday.

In oil-endowed Iraq, where an Islamic State insurgency and fractious sectarian politics are growing threats, a new source of instability erupted this month with violent protests over the government’s failure to provide reliable electricity and explain what has been done with all the promised petroleum money. In Russia, a leading oil producer, consumers are now paying far more for imports, largely because of their currency’s plummeting value. In Nigeria and Venezuela, which rely almost completely on oil exports, fears of unrest and economic instability are building. In Ecuador, where oil revenue has fallen by nearly half since last year, tens of thousands of demonstrators pour into the streets every week, angered by the government’s economic policies."

Clifford Krauss and Rick Gladstone report for the New York Times August 24, 2015.

SEE ALSO:

"Most Canada Oil Sands Crude Being Produced at a Loss -Report" (Reuters)

"Oil Plunges to Fresh Six-Year Lows" (Wall Street Journal)