For a few months already, Ecuador has been losing money on oil production
; in Venezuela, dropping oil prices may lead to a complete change of government, including the resignation of President Nicolás Maduro. The ability of Ecuador, Angola, Nigeria, Algeria and even Venezuela to have an influence on the positions of the Persian Gulf states is limited.
Since there are no institutions capable of handling the oil overproduction issue, each state tackles the consequences of low oil prices in its own way. The knee-jerk reaction is to decrease capital cost, sell non-core assets and freeze projects. According to current estimates, over $400 billion in investments
were put on the backburner in 2015. Having found themselves in dire financial straits, governments use savings accumulated during the commodities super cycle or increase their debts. No one likes the current situation. Yet the energy policies of leading oil-producing states are influenced by political factors: the rivalry between Saudi Arabia and Iran, the desire of conventional oil producers to push shale oil off the market, etc.