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  • Author: Brad W. Setser
  • Publication Date: 07-2017
  • Content Type: Commentary and Analysis
  • Institution: Council on Foreign Relations
  • Abstract: The global impact of oil’s fall from $100 plus to under $50 a barrel has not gotten as much attention as I think it deserves. For most oil exporters, it has been a profound shock—one that forced such a massive contraction in imports that it pulled down global trade (far more than the trade remedies that tend to dominate the ‘trade” news). A few countries adjusted quickly and relatively efficiently (Russia), though not painlessly. A few have struggled to adapt—notably, because of its large external debt, poor policies, and growing political crisis, Venezuela.
  • Topic: Oil, Global Political Economy
  • Political Geography: Global Focus