West Texas Intermediate crude oil fell to a new low on Thursday, below $US44 a barrel.
“The recent collapse of oil prices has arguably been the most startling and far-reaching market development since the Global Financial Crisis,” wrote Goldman Sachs’ Allison Nathan in a research note this week.
Goldman included this map with a wealth of data about the biggest oil producers and guzzlers. Moreover, it contains some clues about what low oil prices mean for their economies, and the damage that’s already been done.
For example, Saudi Arabia derives a whopping 90% of its revenues from oil, and they need $US83 a barrel oil to get their budget deficit to zero.
Nigeria’s naira and Canada’s dollar have declined 14% against the US dollar since June 2014, when oil prices started to tumble.
The US has very little exposure to the downside risks. Only 8% of its stock market is exposed to the energy sector.
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