More countries are expected to join oil-rich but cash-poor Azerbaijan and Nigeria in asking for international financial help if the price per barrel continues to show no sign of recovering, commodity experts have warned.
After Azerbaijan and Nigeria requested international financial aid in January as oil prices wallowed around, and even dipped below, the $30 a barrel mark, all eyes are on other struggling oil-producing nations to see who might be next to go cap in hand to such organizations as The World Bank or International Monetary Fund.
Amrita Sen, co-founder and chief oil analyst at Energy Aspects, spoke to CNBC on Monday about the countries the energy analysis firm believed could be close to needing international aid.
"Venezuela and Angola would be the two countries that we would highlight. Venezuela is definitely tottering on the edge of financial collapse and Angola perhaps less so but there are others after that including Algeria and Iraq," she said.