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Venezuela is one of the world's largest oil exporters, but thanks to economic mismanagement it was already finding it difficult to pay its way even before the oil price started falling.

Saudi Arabia, the world's largest oil exporter and Opec's most influential member, could support global oil prices by cutting back its own production, but there is little sign it wants to do this.

There could be two reasons - to try to instil some discipline among fellow Opec oil producers, and perhaps to put the US's burgeoning shale oil and gas industry under pressure.

Saudi Arabia needs oil prices to be around $85 in the longer term, it has deep pockets with a reserve fund of some $700bn - so can withstand lower prices for some time.

were to force some higher cost producers

In the 1980s the country did cut production significantly in a bid to boost prices, but it had little effect and it also badly affected the Saudi economy.

Saudi Arabia, Gulf producers such as the United Arab Emirates and Kuwait have also amassed considerable foreign currency reserves, which means that they could run deficits for several years if necessary.

Islamic State, capturing oil wells. It is estimated it is making about $3m a day through black market sales - and undercutting market prices by selling at a significant discount - around $30-60 a barrel.

"The growth of oil production in North America, particularly in the US, has been staggering," says Columbia University's Jason Bordoff.

It has been this growth in US energy production, where gas and oil is extracted from shale formations using hydraulic fracturing or fracking, that has been one of the main drivers of lower oil prices.

"Shale has essentially severed the linkage between geopolitical turmoil in the Middle East, and oil price and equities," says Seth Kleinman, head of energy strategy at Citi.

With Europe's flagging economies characterised by low inflation and weak growth, any benefits of lower prices would be welcomed by beleaguered governments. A 10% fall in oil prices should lead to a 0.1% increase in economic output, say some. In general consumers benefit through lower energy prices, but eventually low oil prices do erode the conditions that brought them about.

part of their dissatisfaction came from the distribution of oil revenues. 

The mismanagement of oil revenues is also manifest in Iraq's poor infrastructure

Though currently the Iraqi government has reserves and surplus funds, mounting expenditures and falling oil prices has economists to project that Iraq will run a deficit next year.

it is running a self-sustaining economy, making it the world's richest terror group.

Thankfully, 6 of 8 Iraq’s major oil fields lie in the Shia South, which is unlikely to come under ISIS control.

It sells crude at a steep discount, at a rate of USD $30 per barrel

Turkey runs a huge trade surplus with Iraq, which is likely to slow down dramatically due to lower demand from Iraq.

Jordan and Lebanon, which have both absorbed a large number of refugees.

Iran’s position seems to be the trickiest of all in that its interests align with those of the US in its fight against ISIS

Falling oil prices have definitely curtailed Iran’s ability to intervene without serious consequences for its economy. Iran needs oil prices well above USD $100 for it to balance its budget,

Any cooperation between Iran and the US over ISIS could lead to a gradual withdrawal of sanctions, which would allow Iran to sell its oil on the open market and generate revenue. The flip side is that Iran’s oil would surely depress oil prices further.

Saudi's allegiances have become muddled.

it finds its interests are aligned with those of Iran, a traditional foe, both of which are against ISIS.

Russia needs oil prices near USD $100 to balance its budget and Iran needs high oil prices to support its nuclear program.

Regionally, ISIS will disrupt and degrade the economy of several states, and that in turn may lead to further political chaos -- which is precisely ISIS's goal.

and Algeria had calling for output cuts of as much as 2 million bpd.

The wealthy Gulf states have made clear they are ready to ride out the weak prices that have hurt the likes of Venezuela and Iran

hoped that lower prices would help drive some of the higher-cost U.S. shale oil production out of the market.

The Organization of the Petroleum Exporting Countries accounts for a third of global oil output.

A price war might make some future U.S. shale oil projects uncompetitive due to high production costs, easing competitive pressures on OPEC in the longer term.

"We interpret this as Saudi Arabia selling the idea that oil prices in the short term need to go lower, with a floor set at $60 per barrel, in order to have more stability in years ahead at $80 plus," said Olivier Jakob from Petromatrix consultancy.

But Saudi Arabia, in particular, seems mindful of the experience of the 1970s, when a big leap in the price prompted huge investments in new fields, leading to a decade-long glut.

the country will produce 14m barrels a day (b/d) next year, on a par with Saudi Arabia

Iraqi oil exports, stricken by the war and its aftermath, are also set to increase.

Libya could be another source of production: its exports have collapsed to only a few hundred thousand barrels a day, against 1.6m in June last year.

OPEC’s best hope is continued American protectionism. Any easing of the restrictions on the export of liquefied natural gas (LNG) or crude will exert more downward pressure on the oil price.

But that would cede market share to their hated rivals, Iran and Iraq.

America’s domestic production of crude (and gas, which displaces some oil) is rocketing.