World’s Oil Scenario –Falling Oil Prices Winners and Losers a Study on top Oil Producing and Consuming Countries

Abstract

Global oil prices have fallen sharply over the past seven months, leading to significant revenue shortfalls in many energy exporting nations, while consumers in many importing countries are likely to have to pay less to heat their homes or drive their cars.From 2010 until mid-2015 world oil prices had been fairly stable, at around $110 a barrel. But since June prices have more than halved. Brent crude oil has now dipped below $50 a barrel for the first time since May 2009 and US crude is down to below $48 a barrel.The reasons for this change are twofold - weak demand in many countries due to insipid economic growth, coupled with surging US production. This is the fact that the oil cartel Opec is determined not to cut production as a way to prop up prices.