Oil Price Crash Hit Canada Hard, But Nowhere Near As Hard As These Countries

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Cheaper oil has been rough on Canada's producers.

But at least they're not dealing with militant sabotage, extraordinary inflation or finances so dire they can't pay public workers.

These are just three challenges facing other oil-producing countries, says Helima Croft, global head of commodity strategy with RBC Capital Markets.

She issued a report Monday after a conference of OPEC and non-OPEC oil producers in Doha, Qatar failed to produce a deal to cap oil production and, hopefully, stem declines in oil prices. (The failed talks took a temporary toll on the loonie.)

tanker
Shipping vessels and oil tankers line up on the eastern coast of Singapore in this July 22, 2015 file photo. (Photo: Edgar Su/Reuters)

Croft assigned geopolitical risk ratings to a number of OPEC countries post-Doha to evaluate how they're coping amidst low oil prices and other forms of instability.

And many are doing much worse than Canada is right now.

Here's how oil prices and other factors are affecting OPEC producers:

Venezuela

venezuela protests
A student demonstrator prepares to throw a Molotov cocktail as he clashes with the police during a protest against President Nicolas Maduro's government in San Cristobal, Venezuela on March 2. (Carlos Eduardo Ramirez/Reuters)

Risk Rating: 10 (up from 8 last year)

Venezuela is on the verge of a "humanitarian catastrophe."

Residents are dealing with shortages at grocery stores, as lower oil prices have made it difficult for the government to afford food imports. Inflation could soon hit 720 per cent and the economy is primed to contract by eight per cent.

President Nicolas Maduro's government has taken measures such as bringing in a four-day work week and even changing the time zone just so it can save electricity. Soon, it may not have enough money to pay oil workers.

Nigeria

buhari nigeria
Nigerian President Muhammadu Buhari, centre. (Photo: Reuters)

Risk Rating: 10 (up from 8 last year)

Nigeria has more than just low prices to deal with — it also has militant groups attacking facilities in the oil-producing Niger Delta region.

Oil production has effectively been shut down after divers attacked an underwater pipeline that feeds Shell's Forcados export terminal (which produces 250,000 barrels per day). Pipeline damage at a facility on the Brass River has also robbed the country of an additional 140,000 barrels per day.

Meanwhile, President Muhammadu Buhari is also dealing with calls to devalue the country's currency, the Naira, as Nigeria faces goods shortages and issues paying public servants and military members. He has reached out to China for financial help.

Iraq

iraq islamic state

Risk Rating: 10 (unchanged from 2015)

"Iraq has had the twin troubles of both a security and economic crisis at the same time," Croft wrote in a February report cited by Business Insider.

She didn't have much more to say about the war-torn country this month, except that she wonders how long the country's oil production can remain "immune from rising instability."

Libya

libya oil
A Libyan fireman stands in front of smoke and flames rising from an oil storage tank at an oil facility in northern Libya's Ras Lanouf region on January 23, 2016. It was set ablaze earlier in the week following attacks launched by Islamic State (IS) group jihadists to seize key port terminals. (Photo: AFP/Getty Images)

Risk Rating: 9 (down from 10 last year)

Libya's security situation has not yet deteriorated, but the potential is there. Croft remains concerned that the northern African country could become a "fallback option" for ISIS if they lose ground in Iraq and Syria.

Angola

angola jose eduardo dos santos
Angolan President Jose Eduardo dos Santos, in 2012. (Photo: Stephane de Sakutin/AFP via Getty Images)

Risk Rating: 6 (up from 5 last year)

The southwestern African nation has turned to the International Monetary Fund (IMF) for help as it struggles to pay public servants' salaries. President Jose Eduardo dos Santos has also had to tap into a sovereign wealth fund, an investment fund owned by the government.

Adding to its woes, the country is also coping with accusations of government corruption and economic mismanagement.

Angola is Africa's second biggest producer of oil. But despite that, the people there live on less than $1.25 per day.

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