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RBSA Advisors | Crude Oil Price Crash - Black Gold Loses its Glitter | Nachiket Kadu | Page 6 of 11 | November 23, 2024

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4 Impact of falling Oil Prices on Global Economy Russia: ? Oil revenues make up 45 percent of the government budget. ? Economists now estimate that Russia's GDP will shrink by at least 4.5 percent in 2015 if oil stays below $60 per barrel. ? The plunging price of oil has also caused the Ruble's value to collapse and a rise in inflation. ? On December 15, 2014, Russia suddenly hiked interest rates from 10.5 percent to 17 percent in an attempt to stop people from selling off Rubles. But those rate hikes are likely to slow the country's economy down even further. The plunge in oil prices is having significant economic consequences around the world: RUSSIA'S ECONOMY IS EXPECTED TO SHRINK 4.5% NEXT YEAR IF OIL STAYS AT $60 PER BARREL Iran: ? As per IMF Iran's economy had recently started to rebound after years of recession. But that was all before oil prices started to plunge — a potentially precarious situation for the country. ? One big problem for Iran is that it also needs oil prices well north of $100 per barrel to balance its budget, especially since Western sanctions have made it much harder to export crude Venezuela: ? The oil crash could cause Venezuela, a major oil producer, to default. The nation's economy which is heavily dependent on oil revenue, is set to shrink some 3 percent this year and inflation is rampant. Saudi Arabia: ? The world's second-largest crude producer (after Russia), will suffer financially from cheap oil. If oil stays at around $60 per barrel next year, the government will run a deficit equal to 14 percent of GDP . ? The Saudis are toughing this out. The kingdom has built up a stockpile of foreign currency worth some $750 billion, which it will use to finance its deficits. ? If low oil prices persist, Saudi Arabia may have to cut back on some of the social programs it had instituted after the Arab Spring. "It is not in the interest of OPEC producers to cut their production, whatever the price is,“ - Ali al-Naimi , Oil Minister of Saudi Arabia.