They grew even faster in the early 1990s, when a tightening oil market drove demand for new technology.

ECONOMIST: Oil firms you have never heard of are booming

But in the absence of fiscal tightening that significantly cuts the non-oil and gas fiscal deficit, a severe and sustained drop in the oil price would have a damaging impact on the Russian economy and public finances and would likely lead to a downgrade, Fitch warned.

FORBES: Is A Russia Credit Downgrade Coming?

An EU embargo of Iranian crude would halt around 600, 000 barrels a day of imports, hitting Europe's refiners hard and further tightening markets and inventories, putting upward pressure on oil-futures prices, the International Energy Agency has said.

WSJ: Oil's Tug of War Is Poised to Continue

Mr Allawi is tightening his hold on government, setting up committees for oil, security and media policy to ensure the key portfolios remain in his, not his ministers', hands.

ECONOMIST: Onward, Muslim soldiers? | The

Oil prices fell something like 15% in the third quarter as markets began to price in the prospects for substantially slower growth across the developed world and tightening in the fast-growing emerging markets. (Read Oil Down More Than 15% This Quarter As Sector Stocks Price In Recession).

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