Oil price and the oil export countries (focusing on Russia)

Oil slips towards $30, and many oil export countries face financial difficulties. For example, Russia is cutting its budget expenditure by 10%, and the Saudi Arabia's cost of riyal-dollar forward prices is pushed up. Currently, as the demand side is weak, the oil price will not rise back in a short period. This means the finance of many these oil export countries will become worse. Many financial problems could grow to become global issues. The most obvious problem is whether Russia is able to pay back its debt. If the oil price remains at the current level or even lower, the Russian economy may face the same situation of what Germany faced after the First World War. After the First World War, German industries were hit heavily and many workers and post-war soldiers were left on streets jobless. At that time, Germany economy could not produce sufficient goods for the economy, leading to a hyperinflation as the result. Currently, the largest Russia industry, the energy industry, is hit by the low oil price. The unemployment rate in Russia in 2015 is expected to be higher than it in 2014, the figure is expected to be even higher in 2016. Moreover, the inflation rate is currently above 10%. If the Russian government decides to devalue its currency, the inflation rate will rise rapidly. Therefore, at the moment, Russia will do everything to push up the oil price. If the oil price remains low or even continues to fall, there might be a Russian debt crisis, which could spread its affect around the world via the financial system.