The price of crude oil plunged after Organization of the Petroleum Exporting Countries (OPEC) announced it would not prop up steadily declining prices amidst concerns of overproduction. It dropped 7 percent to $68 a barrel in the biggest one-day drop five years.
Reuters reported that Iran’s oil export in the month of October plunged to under 880,000 barrels a day, %19 drop compared to a month before that.
Iran’s state run daily wrote the price of oil for Iran must stand on $120 a barrel, meaning that anything less than that would be considered loss to the economy. The figure for Saudi Arabia is $90 and for Kuwait is $70 a barrel. So the drop in the price of oil for these countries would not be as bad as it is for Iran. In addition to that, these Arab countries have enough bank reserves to preserve their economy.