Paracel island chain is controlled by China and also claimed by Vietnam and Taiwan

Last month’s rate rise is drawing criticism. Few believe there will be more increases this year

The last great oil bust occurred in the 1980s – and it changed the world, leading to the collapse of the Soviet Union. Today's plunging oil prices are similarly likely to redraw the geopolitical map, as petroleum-rich governments in Africa and the Middle East confront social unrest and Europe faces a new wave of migrants.