Oil - A Year After Peak Prices: Dash for Survival

At the turn of the year the political outlook for oil producing states looked grim. The price had dropped to below $40 a barrel, having stood at $147 a mere six months earlier, leaving a number of producers in bad financial shape. High oil prices were supposed to lead to political stability and economic growth at home, while projecting power abroad. This logic applied not only to the Gulf, but in Venezuela, Russia, Africa and to a lesser extent, smaller Gulf states. But as the oil price tumbled, it was expected it would take a number of political casualties across hydrocarbon economies. A year on from the price peak, this has not been the case.