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 FridayIn 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. More…
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