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How Low Oil Prices Are Hitting Russia, Iran And Venezuela

09:35

October 15, 2015

An Iranian oil worker rides his bicycle at the Tehran's oil refinery south of the capital Tehran, Iran, on Dec. 22, 2014. (Vahid Salemi/AP)

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. Here & Now's Jeremy Hobson takes a look at the impact on countries including Russia, Iran, Venezuela and Saudi Arabia with Moisés Naím, a distinguished fellow at the Carnegie Endowment for International Peace.

Guest

Moisés Naím, a distinguished fellow at the Carnegie Endowment for International Peace. He tweets @MoisesNaim.

This segment aired on October 15, 2015.