Crude reality: Winners and losers in the oil crisis

We explore the demise of oil, from production companies in the North Sea to a former Caspian tiger fallen on hard times.



As the oil price has dropped more than 70 percent since the summer of 2014, the oil industry is facing its deepest downturn in more than two decades.

The price of oil has decoupled from the actual cost of production; it is becoming unprofitable and the effects are being felt across the globe.

Nigeria and Angola, Africa's two biggest oil producers, are both in talks with the World Bank about support for their strained state finances.

Budgets in Russia, Venezuela, Colombia, Ecuador, Mexico, Saudi Arabia and Canada are in deficit, which means cuts in public spending.