Economics
Petrostates Hammered by Oil Price Plunge and Pandemic’s Spread
- IMF warns of ‘severe blow’ from intertwined economic shocks
- Currencies, bonds under pressure as oil revenues fall
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Kazakhstan’s long-standing leader calls it a “perfect storm.” Venezuela’s government is shutting fuel stations across the country. Chad is paying its sovereign debts using cattle.
Across the oil-rich states of Africa, the Middle East, Latin America and the former Soviet Union, leaders accustomed to a steady flow of petrodollars see trouble ahead as the oil price war promises to destabilize their economies -- and perhaps their hold on power.