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Abstract

As the world continues to grapple with dramatically lower oil prices, economic and political implications for certain major oil producers are beginning to materialize. Some countries, like Saudi Arabia, the world’s largest petroleum exporter, were more prepared for the global downturn than others. Unlike many oil producers, the Saudis are capable of running a government deficit for an extended period of time partly due to extremely large monetary reserves. However, not all oil producers have this luxury, and countries that have a high dependence on oil production have begun to suffer. The countries that have been hit hardest are not only dependent on oil production but have pre-existing political tensions that set the condition for unrest and upheaval.

DOI

https://doi.org/10.21985/N2MS35

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