This is mainly due to two unforeseen events: the drop in iron ore prices and the sudden collapse of the oil price. (goldsilverworlds.com)
El Rufai emphasised the need for diversification of the country's resources, saying a impending collapse of oil prices is an avenue to shift the country's attention away from oil to developing other areas that can grow the economy. (nigeriapoliticsonline.com)
Further, the Indian government has made major progress in its phase - out of fossil - fuel subsidies, of which the most important step has been a reduction of subsidies for imported oil, a shift that has accompanied the international collapse of oil prices. (corporateknights.com)