The continuing slump in global oil prices is punching holes in the budgets of oil-producing countries, including some OPEC members such as Iraq and Libya that are struggling with severe political and security problems. Many members of the Organization of the Petroleum Exporting Countries need oil prices to average way above the current Brent crude oil price of $90 a barrel to balance their books. They have ratcheted up annual spending since the Arab Spring in 2011—and rely heavily on oil-export receipts for income.