As the oil prices squeeze companies and states relying on oil prices, there must be an increased risk of disrupting the already shaky geo-political games being played in that part of the world.
Worth noting that a lot of the major players are government owned. Looking at the 10 largest crude oil producing companies (note that's companies not countries - the USA produces more oil than Saudi Arabia these days but in the US it's spread across numerous companies most individually quite small hence they don't make the list).
(Following was correct a few months ago, I haven't verified it all to see if anything has changed since then).
#1 - Saudi Aramco is listed (Saudi Arabia) but 98.5% government owned
#2 - Rosneft is a listed company (Russia) although the Russian government ultimately owns half the shares.
#3 - Kuwait Petroleum Company is government
#4 - National Iranian Oil Company is government
#5 - China National Petroleum company is government
#6 - ExxonMobil is a listed company (USA)
#7 - Petrobras is listed but the Brazil government ultimately owns about two thirds of the shares.
#8 - Abu Dhabi National Oil Company is government
#9 - Chevron is a listed company (USA)
#10 - Pemex is government (Mexico)
So 8 out of the 10 largest crude oil producers are either partly or wholly owned by national governments and are thus subject to political considerations and influences in how they operate. There's quite a few smaller government-owned ones too.