Saudi Arabia, Russia, Qatar, and Venezuela have agreed to freeze oil production at the level of supply produced in January.
Over the last few months, all eyes have been on Saudi Arabia and Iran, but other OPEC members have also seen their share of problems, according to RBC Capital Markets' Helima Croft.
Notably, Libya, Iraq, Nigeria, Algeria, and Venezuela — or, the "fragile five," as RBC Capital Markets analysts often call them — remain at very high risk.
Take a look at how each OPEC member is weathering geopolitical, economic, and security risks at the moment. The countries are listed from least to highest risk, with 10 being the highest.
Qatar is "sitting pretty versus the majority of OPEC."
Risk for next year: 2
Oil production last month: 0.65 mb/d
Oil production 2015 average: 0.67 mb/d
IMF figures suggest that Qatar only spent about 0.6% of GDP ($1.2 billion) on energy subsidies in 2015.
Still, Christine Lagarde reportedly said that although Qatar's "public finances remain comfortable… the portion of exhaustible resource revenues being saved may not be sufficient to maintain the same standard of living,” according to Croft.
Source: RBC Capital Markets
Kuwait is better positioned, but still hasn't "escaped low oil prices."
Risk for next year: 2
Oil production last month: 3.00 mb/d
Oil production 2015 average: 2.85 mb/d
Even though Kuwait has relatively fewer citizens and a sizeable sovereign wealth fund ($592 billion), it has still not "escaped" lower oil, writes Croft.
"Anticipating a 41% decline in revenue in 2016, the government is following its GCC peers and is adopting some adjustment measures," she writes.
Source: RBC Capital Markets
The United Arab Emirates is still in the "sweet spot."
Risk for next year: 2
Oil production last month: 2.97 mb/d
Oil production 2015 average: 2.88 mb/d
Like Kuwait, the UAE benefits from a small population and flush sovereign wealth funds ($1.19 trillion). It's also a more diversified economy, with strong hospitality and transportation sectors.
But it's not all peaches and cream for the oil producer. The IMF cut the country's 2016 forecast to 2.6% from 3.1%, the slowest projected growth rate in ten years.
Source: RBC Capital Markets
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