Iran and Venezuela are suffering from $40 a barrel oil. These countries have no real serious economy except for oil. The high price of oil has allowed these despotic regimes to cling to power. They have been able to avoid sanctions and thumb their nose at the international community for the last few years. Hopefully, the sanctions will start to bite now.
Oil price weakness pressures Iran, Venezuela: CIA
By Randall Mikkelsen Randall Mikkelsen – Thu Jan 15, 4:50 pm ET
WASHINGTON (Reuters) – Weak global oil prices threaten to destabilize major oil producers Iran and Venezuela, but Russia is better able to manage because of its sovereign investments, CIA Director Michael Hayden said on Thursday.
"Here's one (event) that's destabilizing, but it could be positive," Hayden told reporters.
He said global prices hovering around $40 per barrel could increase the bite of sanctions aimed at persuading Iran to give up its nuclear program, and could shake the government of Venezuelan President Hugo Chavez, who has been an irritant to U.S. policy in Latin America. excerpted from news.yahoo...