Zebin Dholasaniya

ISM 7
Bowler, Tim. "Falling Oil Prices: Who Are the Winners and Losers." BBC News. N.p., 19 Jan.
2015. Web.11 Mar. 2015. <http://www.bbc.com/news/business-29643612>.

From 2010 until mid-2014, world oil prices were at around $110 a barrel.
Russias economy forecast to fall into recession due to its dependence on oil
exportation as a main source of revenue.
- Dollar value for oil is falling and Russia is expected to take a hit, but refuses
to cut oil production to shore up oil prices.
Venezuela is one of the biggest oil exporters, but economic mismanagement and
falling oil prices are projected
Saudi Arabia is the world's largest oil exporter and OPEC's most influential
member. It could support global oil prices and its economy by cutting back its
own production.
- Refusal to curb production: To try to instil some discipline and punish
other OPEC oil producers, and to put the US's undeveloped shale oil and
gas industry under pressure.
- Needs oil prices to be around $85 for a while and a reserve fund of some
$700bn in order to withstand price decline
United Arab Emirates and Kuwait have accumulated foreign currency reserves,
which means that they could run deficits for several years if necessary.
Nigeria, Africas biggest oil producer, is heavily oil-dependent
The war in Syria and Iraq, caused the Islamic State to sell discounted captured oil
wells through the black market
US gas and oil extraction from shale formations using hydraulic fracturing or
fracking is the main reason for falling oil prices
- Can profit only after debts and cost are account for
China, which is set to become the largest net importer of oil, has the potential to
gain from falling prices.
India imports 75% of its oil, and analysts say falling oil prices will ease its current
account deficit.
- Falling gasoline prices, could cost India's fuel subsidies to fall by $2.5bn
this year.

This source utilizes statistics and economic evidence to forge a connection between
several different countries and plummeting gasoline prices.