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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.

The total duration in school remains intact, 12 years. The primary cycle of general education has been increased by one year, and is divided into two modules of three years each, while the intermediary cycle was reduced to three years instead of four. The first year of general education's secondary cycle must be considered common for all four different series of instruction, and the second year is common to only two out of four series. Lebanese students are not allowed to enter formal technical education before age 12, which is the age limit of obligatory education. The scholastic year was changed to 36 weeks, and 4 supplementary hours per week were added at the intermediary and secondary cycles.

The new school curricula was launched in September 1998, and the Educational Center for Research and Development had trained 16,000 teachers in public schools and 6,000 teachers in private schools on the new uses and principles of the new program. The new system took into account economic, social, and national perspectives. The principle characteristics of this new system consist of the following:

The Lebanese educational system has usually relied heavily on private schooling to accommodate the evergrowing demand for learning in the country

As to special education concerning handicapped students, there were about 10,000 handicapped people in 1975 (prior to the Lebanese civil war). During the Israeli invasion of Lebanon in 1982, this number reached 13,000; it is more than 15,000 in 2001. About 2,500 handicapped people were being educated and made ready to enter the work market.

There are 1508 public and private intermediary and secondary schools for the general instruction program in Lebanon, while there are only 262 schools for the technical and professional instruction program divided between the public sector (29 schools) and the private sector (233 schools).

Education is compulsory until the end of the intermediate cycle, is available to all Lebanese students, and is attended by nearly 95 percent of school-age children

The school year starts in early October and ends in late June. The school day consists of six hours starting at 8:00 a.m. with two hour lunch break and ends at 4:00 p.m. The length of class periods ranges from 50 to 55 minutes. Both public and private schools are supposed to observe official holidays, which are decided by the government; however, Christian-administered, religious private schools take Saturday and Sunday off every week, while Moslem-run religious private schools take Friday and Sunday, and Jewish-run private schools take off all of Saturday and Sunday afternoon only.

In short, the new formal educational system of Lebanon, like in many other countries, divides the years of instruction as follows: 6-3-3 (six years for the primary cycle, three years for the intermediate cycle, and three years for the secondary cycle), followed by the higher education cycle. Primary school education is followed either by a six-year intermediary and secondary program, leading to the official Lebanese baccalaureate certificate, which was originally based on the equivalent French school diploma, or by a three- to six-year technical or vocational training program.

In addition, females appeared to have a slightly higher percentage than males with regard to attending schools and universities. After age 25 male attendance becomes almost double that of female attendance.

the literacy rate was 88.4 percent in 1997

ue to the Lebanese people's negative attitude toward manual work, especially in industry and agriculture, students of lower socioeconomic status enroll mostly in vocational and technical schools. Therefore, there is a big difference between the two major types of instruction, as well as the relative numbers of schools and students enrolled in each of these types

The brevet certificate is only required by public schools, vocational schools, and teacher training institutes. The baccalaureate part I exam has two main tracks: literary and scientific. The baccalaureate part II has four main tracks: literature and humanities, which includes language, literature, history, philosophy, education, arts, and religion; sociology and economy, which includes economic sciences, politics, business and management, law, and sociology; general sciences, which includes mathematics, physics, chemistry, and their applications at the level of engineering; and life sciences, which includes biology and life sciences, chemistry and their applications in the area of medicine, health, agriculture, and other related subjects.

Most institutions of higher education require entrance examinations besides the baccalaureate part II, which is required by law.

The grading system is generally based on scales of 0 to 20 or 0 to 100, with 10 or 60, respectively, as passing grades

he curriculum in Lebanese schools is somewhat rigid, for all students must pursue the same programs in all three cycles

rivate schools can choose textbooks that meet their syllabi, except in the civics area where the Ministry of Education, Youth, and Sport requires them to use the center's textbooks.

rabic and either French or English are the languages of instruction in the Lebanese schools.

The United Nations Reliefs and Works Agency (UNRWA) provides funds supporting a private nonsectarian school system for Palestinian Refugees in the Middle East. This type of private schooling has been very effective in offering education and social services for children of Palestinian Refugees residing in Lebanon