Venezuela, Russia and Iraq are amongst the most vulnerable oil producers

A sudden slump in oil prices is having political and economical repercussions across the world. Crude oil exporting nations are bracing for budget cuts that are likely to be devastating, while importing countries are benefiting from the lowest oil prices recorded in four years.
The global oil price ended on Thursday at USD 84.47 per barrel, 27% below the highest level recorded this year. Daily oil consumption worldwide is 91 million barrels. This means that the income of oil countries and companies is declining by up to USD 2.80 billion per day, while consumers, shipping agents, and airlines are saving an equivalent amount in gasoline, diesel and jet fuel.
The member countries of the Organization of Petroleum Exporting Countries (OPEC) and other major oil producers will be more heavily hit. The governments short of cash, such as Russia, Venezuela, and Iraq are among the most vulnerable countries.
Oil production in those nations is cheap, so they still earn money in spite of lower prices. However, the government budgets in those countries are based on oil prices estimates amounting to USD 100 or more per barrel.
In Venezuela, the government greatly depends on oil income for housing projects and other welfare programs. Now, crude oil production is falling as the country desperately needs income. This month, the Stratfor Global firm estimated that Venezuela needs to sell oil at USD 110 per barrel to be able to meet its obligations.