[Q] - Russia is now lurching towards a major economic crisis, experts predicted today, following news that the price of oil had slumped to under $50 a barrel.
The collapse in the value of oil was likely to have several catastrophic consequences for Russia including a possible devaluation of the rouble and a severe drop in living standards next year, they warned. . . . - http://www.guardian.co.uk/world/2008/nov/20/oil-russia-economy-putin-medvedev [Q] - Iran is the second largest Opec oil producer and already feeling the pain of declining prices more than any other in the Middle East. Its “rainy day” oil stabilisation fund, used to release profits when revenues decline, is reportedly badly depleted as a result of mismanagement by Mahmoud Ahmadinejad’s government... Iran is especially vulnerable because 80% of its revenue comes from oil. - http://www.guardian.co.uk/world/2008/nov/20/iran-oil-prices-mahmoud-ahmadinejad [Q] - Hugo Chavez has reduced Venezuela’s support to foreign allies and is poised to make deeper cuts at home and abroad as plunging oil revenues hit his self-styled socialist revolution. The government has warned of austerity measures after years of breakneck spending on social programmes, nationalisations, arms and diplomacy, an exhilarating splurge when there seemed no end to petro- dollars. South America’s energy giant relies on oil for half of its exports and 95% of government revenue, leaving Chavez’s ideological and political ambitions vulnerable to a crunch. . . - http://www.guardian.co.uk/world/2008/nov/20/hugo-chavez-venezuela-oil-aid --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
