However, weaker demand coupled with surging US production has seen the price of the benchmark Brent crude oil price drop by 30% since June to around $83 a barrel.
Venezuela is one of the world's largest oil exporters, but thanks to economic mismanagement even before the current oil price fall it was already finding it difficult to pay its way.
Last week the country's Foreign Minister, Rafael Ramirez, called for an emergency Opec meeting to allow members to keep prices above $100 a barrel - but some say it really needs prices of $120 a barrel to fund its extensive social programmes.
"The price of oil will hit its floor and it will rise again. Venezuela will continue with its social plans," he said. "Venezuela will move forward."
Russia loses about $2bn in revenues for every dollar fall in the oil price, and falling prices are set to push the duty that the country earns on its oil exports to their lowest level since December 2010, according to a Foreign Ministry adviser cited by Bloomberg.
"Our budget is not falling apart at the seams. It is strained but it is balanced and completely realistic," he said.
The International Monetary Fund earlier this month reduced its 2015 growth forecast for Russia to 0.5%, down from 1% - and the country's state-owned Sberbank says oil prices need to stay above $104 a barrel if the budget is to be balanced.
"The future prospects for the rouble will be determined by oil prices," says ING Bank economist Dmitry Polevoy.
"The market has perceived some signals from Saudi Arabia that they are not intending to cut production to support prices," says Jason Bordoff, of the Center on Global Energy Policy at Columbia University.
There could be two reasons for this: to try to instil some discipline among fellow Opec oil producers, and perhaps to put the US's burgeoning shale oil and gas industry under pressure.
"They have had to price competitively, and they have had to price their oil, sometimes, at considerable discounts to get it into the US market."
They have combined foreign currency reserves of less than $200bn, and are already under pressure from increased US competition.
The war in Syria and Iraq has also seen ISIS, or Islamic State, capturing wells in both countries and selling their products. However, the International Energy Agency says airstrikes have cut this down from 70,000 barrels a day in August to 20,000 barrels a day now.
"The growth of oil production in North America, particularly in the US, has been staggering," says Jason Bordoff.
Speaking to BBC World Service's World Business Report, he says that US oil production levels are at their highest in almost 30 years.
"Shale has essentially severed the linkage between geopolitical turmoil in the Middle East, and oil price and equities," says Seth Kleinman, head of energy strategy at Citi.
"Some 98% of crude oil and condensates from the United States have a break-even price of below $80, and 82% had a break-even price of $60 or lower," Maria van der Hoeven, executive director of the International Energy Agency, told Reuters.
With Europe's flagging economies characterised by low inflation and weak growth - and the possibility of Europe's economy entering its third recession in six years - any benefits of lower prices would be welcomed by beleaguered governments.