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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
People wearing protective masks wait to fill cooking gas canisters in the Petare neighborhood of Caracas on March 26.
People wearing protective masks wait to fill cooking gas canisters in the Petare neighborhood of Caracas on March 26.Photographer: Carlos Becerra/Bloomberg

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.