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 was about $103. By Monday, the , roughly 6 percent lower than on Friday.
In -endowed , where an Islamic State insurgency and fractious sectarian politics are growing threats, a new source of instability erupted this month with violent over the government’s failure to provide reliable electricity and explain what has been done with all the promised petroleum money. In , a leading oil producer, consumers are now paying , largely because of their currency’s plummeting value. In and , 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.