As oil prices fall, ripple effects are hurting other countries

[...] the dramatic drop in oil prices hasn’t been kind to all players in the global economy.

With Russia already hit by Western sanctions and its firms facing $500 billion in external debt, the country needs the price of oil to reach $100 per barrel to meet its three-year budget recently signed into law.

The central bank of Venezuela, where 96 percent of foreign exchange earnings depend on oil revenues, says $117 per barrel is the minimum needed for import payments and debt servicing.

[...] United Arab Emirates energy minister Suhail Al-Mazrouei said Monday that OPEC has no plans to cut output.

[...] with minor exceptions, crude oil exports are banned in the United States.

[...] Maduro is correct that fracking has significantly impacted the international market, contributing approximately 15 percent of total U.S. crude oil production, according to a U.S. Energy Information Administration estimate.

Total oil production averaged 9 million barrels per day in November, according to the U.S. Energy Information Administration, the highest in more than three decades.

With advances in drilling techniques, lower costs of production and overall oil demand declining in Western economies, “Middle East producers are going to have to stomach a pretty low price for their oil to stay competitive,” she said.

The Financial Times reported Monday that San Francisco’s Wells Fargo faces potential losses on a joint $850 million loan with Barclays to finance a merger of two oil companies in the area.