A Guide to Oil Producers' Scramble for Money as Crude Tumbles - Bloomberg Business:
"Nigeria’s bid for concessionary loans from the World Bank and African Development Bank is just the latest example of the havoc wreaked on oil-producing nations by the slump in crude prices.
From Saudi Arabia to Venezuela, governments are abandoning largess and risking political unrest with measures that include lowering energy subsidies and cuts to public-sector wages. With prices still falling, attempts to diversify from oil have taken on greater urgency.
“A decade of abundance has been brought to an end by the worst terms of trade shock in a generation," said Simon Williams, chief economist for central and eastern Europe, the Middle East and North Africa at HSBC Holdings Plc in London. “There’s no painless means to adjust to the losses they face, or easy way to reduce their structural dependence on oil.""
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