Most media attribute oil price slumps to oversupply from US fracking, omitting the fact that governments are discussing whether oil companies will be allowed to extract all the fossil fuel they've already priced into their stocks.
Brazil's GDP performance has been lackluster since the post-crisis rebound in 2010. Prospects for 2013 look a little better. However, some of the economic drivers from last decade are clearly exhausted.
It is clear to see why investors place so much emphasis on the oil price as a dictator of Russia's financial health. Supplying some 11.4% of the world's oil supply last year, Russia is the "biggest single source outside the OPEC cartel."