Oil prices fell on Thursday, with brent crude oil trading around $49 a barrel. That comes a day after the American Petroleum Institute reported that oil inventories rose by 9.3 million barrels last week. That means the amount of oil on the market is still very high, and analysts think that high supply will keep prices near historic lows for some time.
That is all bad news for a number of countries with economies based on oil. Moisés Naím took a look at the impact on countries including Russia, Iran, Venezuela, and Saudi Arabia with Here & Now’s Jeremy Hobson.