The Low Crude Price Could Bankrupt Some Countries

The price of crude oil down to $45 per barrel and OPEC's decision not to scale back production is causing series problems in some countries. Lifting costs vary by country and some countries are more dependent than others on oil for their economic stability. African and Middle Eastern countries are most dependent on oil with Libya as the 1st country in extreme difficulty, followed by Iran, Algeria, Nigeria and Iraq. Venezuela has subsidized the price of oil and gasoline for decades and the drain on the government, causes analysis to predict that Venezuela is on the "verge of economic collapse". Russia is also in eminent danger after their invasion of Crimea and Ukraine.