It's not such a big deal if you haven't built everything on extracting 100% of the net revenue of the oil industry. If your take were lower, it would not be as big a hit, and you could raise the take and split the difference. If your take is 100%, there's nowhere to go.

You stated in your original comment that is was a, "slight drop."

I actually agree with much of what you wrote, but let the argument stand on its own, please don't use non-factual content to (note: the Iranian oil coming back into the "open" market might have been related) overstate things.

We can't normalize "truthful hyperbole."

Its even worse for Venezuela. Their oil is plentiful but not a very high grade which requires significantly more money to refine than say Saudi Arabia, Texas, or North Dakota. This means that in a low price environment they aren't taking a cut, they literally cannot make any profit. Further complicating the situation is their mismanagement and lack of technology purchases or even basic maintenance in the oil industry.