In If Geology Is Destiny, Then Russia Is in Trouble, MOISÉS NAÍM uses the word "petrostate."

Petrostates are oil-rich countries plagued by weak institutions, a poorly functioning public sector, and a high concentration of power and wealth. The gulf between a petrostate's rich natural resources and the chronic poverty of its citizens often leads to political unrest and frustration. Nigeria and Venezuela are good examples.

...When oil revenues flood a nation that has a weak system of democratic checks and balances, dysfunctional politics and economics ensue. A strong democracy and an effective public sector help explain why oil has not distorted Norway the way it has Nigeria or Venezuela. A lot of oil, combined with weak public institutions, fuels poverty, inequality and corruption. It also undermines democracy.

The economic effects are more noticeable. A country whose economy relies mostly on oil exports inevitably has an exchange rate that encourages imports and hinders exports. Such an imbalance favors oil at the expense of other sectors, like agriculture and manufacturing, as their products become more expensive abroad.

And while oil generates export revenues and taxes for the government, it creates few jobs.

Oil is a curse.