Implication of oil prices worldwide
Significantly reducing oil prices may be directly beneficial to customers while causing recession for countries producing oil and natural gases. Decreases in oil prices drastically reduces the potential export revenues of oil-exporting countries, adversely reducing their income and leading to slower growth in national GDP. The Indian Ministry of Petroleum & Natural Gas fact sheet for 2013-2014, showed crude oil imports were $143.8 billion, leading to a decrease in government revenue generation from excise duty while customs duty, central tax, state tax and dealer commission also reduced.
Today supply from oil-producing countries is outstripping demand and causing commodity prices to fall. Oil companies are most likely to stop digging, stop recruitment or even start firing employees. According to the forecast of the US energy information