Many of the oil exporting states have built up yugeeee sovereign wealth funds that they use for such things as building infrastructure, supporting retirement payouts and whatever else. These funds are being hammered on both ends, by the price of oil and low (now negative in some places like Japan) interest rates on bonds.
One of the largest, Norway's showed a loss last year, and things do not look very promising this. Given how large these funds are, a sell off would threaten everything and everybody
Few sovereign wealth funds report their stock holdings across sectors and regions, but based on information from those that do, J.P. Morgan's global market strategist Nikolaos Panigirtzoglou estimates that oil producers' funds hold around $2 trillion of publicly listed equities worldwide.
Extrapolating further, he estimates that up to $700 billion of that total could be invested in western European equities, with between a quarter and one-third in banking stock2008 redeaux, except worse.