Mapping the geopolitics of lower oil prices

摘要

Iran, Russia, and Venezuela - all net energy exporters - are seen as the economies that have been damaged most by lower oil prices, according to Carlos Pascual, IHS senior vice-president and head of IHS Energy. This damage is generating geopolitical and internal risks. For Russia and Iran, the collapse has been combined with international sanctions that preclude both countries from access to capital markets and from ways to finance themselves out of their current financial crisis, the former US ambassador to Ukraine and Mexico warned. For Russia, the critical issue has been its extreme dependence on oil for export revenue. Oil constitutes 70% of its export revenue, while oil and gas revenue together make up 52% of the Kremlin's budget.