PETRO STATES AT RISK UNDER LOW-CARBON WORLD

Fossil fuel-reliant countries could see a drop of 51% in government oil and gas revenues in a shift to a low-carbon world over the next two decades.

There is a fundamental shift underway as the global economy begins to decarbonize. Oil powers the economies of petro states, it also funds the vast majority of their government budgets , provides the vast majority of foreign-currency income , and helps cash-strapped governments borrow from foreign creditors by using oil (and oil revenues) as collateral.