More than any other nations, these countries used their oils wealth to gain regional influence and "to challenge United States hegemony."
"Now, the (oil) producers are experiencing a reverse oil shock," states oil expert Daniel Yergin. "As revenue went up, government spending went up and expectations of a continuing windfall led to greater and greater ambitions.
But such ambitions are harder to finance when oil is at $74.25 a barrel, its closing price Monday (10/20) in New York, than when it is at $147, its price as recently as three months ago."
Of the three,"Russia was better positioned to weather lower prices than were many other oil and gas producers. The country deposited a significant portion of its oil revenues into two stabilization funds, which totaled $190 billion at the beginning of this month. The Russian budget is pegged to an oil price of roughly $70 a barrel - most revenues exceeding that have gone to these so-called rainy-day funds."
From USA Today: "Falling oil prices pinch OPEC":
The recent plunge in oil prices threatens to trigger unexpected financial headaches for top producing nations, especially Iran and Venezuela.
USA Today: "Gasoline prices tumble despite likely OPEC cuts"
OPEC announced Oct. 19 "that members plan to announce a 'substantial' output cut at an extraordinary meeting that begins Friday (10/24) in Vienna."