It looks like Iraq is not the only emerging economy that exports crude and imports (at huge cost now) refined diesel and gasoline that it then sells a low price.   Nigeria is in the same position.   Strange.   The national oil company of an oil exporter facing financial problems when oil is almost at $70.   I guess that is what happens if you import refined gasoline and sell it too cheaply.

Malaysia is far better managed than Nigeria, but it too has extensive (and costly) fuel subsidies.  

And China's state oil companies are fighting (bureaucratic) war with the rest of the Chinese state ...   State cannot get on with Defense here in the US.   Treasury looks down on Commerce.  So forth and so on.  And it seems that the National Development and Reform Commission sets retail oil prices in China, while the State-owned Assets Supervision and Administration Commission actually owns Sinopec and PetroChina.    I guess they don't quite see eye-to-eye. ( Check out the Peking Duck ).  

Steve Roach highlight the results of China's energy policy - gas lines and an energy inefficient economy.   The US, alas, is not the only country that has failed to take the policy steps needed to reduce its vulnerability to (further) oil price shocks.