However, keep an eye out for the unstable political situations in Venezuela and Nigeria, the two biggest non-Arab oil producers within OPEC. If either if these countries’ oil production shuts down due to political turmoil (especially in Venezuela), a large fraction of the world’s oil production goes offline, and that could immediately send the price of oil through the roof.
There are several Nations depending on oil money to keep their country stable. Saudi Arabia will far outlast most of these. They won’t deplete their cash reserves. Other countries will fall apart first and the result will raise oil prices.
Angola, Algeria are some others.
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