Pump jacks are seen in the Midway Sunset oilfield.
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Oil's decline is proving to be the worst since the collapse of the financial system in 2008 and threatening to have the same global impact of falling prices three decades ago that led to the Mexican debt crisis and the end of the Soviet Union.Oil and gas provide 68 percent of Russia's exports and 50 percent of its federal budget.While oil's decline wrenches oil-rich nations that squandered the profits from recent high prices, the world economy overall may benefit.Even before oil's rout, Venezuela was teetering.Oil is 95 percent of exports and 25 percent of GDP, OPEC says.Oil's share of Mexico's exports fell to 13 percent in 2013 from 38 percent in 1990, even as total exports more than quadrupled.Though oil still accounts for 32 percent of government revenue, the Mexican government has based its 2015 budget on an average price of $79 a barrel.
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