Developing nations are suffering the biggest hit from this year’s oil shock. Many are dependent on imported fuel and are being crushed by a combination of high international prices, weak currencies and competition from rich nations whose economies are rebounding from the pandemic.
Higher fuel bills are exacerbating inflation in countries that are already struggling with soaring food prices. The combination is leading to unrest and protests from citizens, which democratic governments know from experience is one of the surest ways to lose popularity and power.
