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The scenerio in our country (PAKISTAN) is quite different, instead of a fall in the oil prices in international market, we are shortly about to witness a rise in the oil prices, which some how has a triggering effect on the price index of general items.
Taliking from global perspective, i agree with Ozair Ansari at an extent. Personally i think the main reason behind the fall in crude oil prices in international market is due the removal of sanctions on exporting oil from one of the main OPEC country. The started exporting the oil in international market far far below even than the cost, the agenda behind this action could be justified differnelty but the exact scenerio is not yet clear.
Hope this would answer your querry..
Decreasing Oil prices are heading to the disaster for world economy. It hamper the upcoming projects which are ongoing in the region also companies to cut on the R&D for the innovation of products and economics of processes.
It may help to the third world countries for low prices crudes like India but the end result that after the crippling of world economies , how these countries can be safe?
So, oil prices shall be controlled with the price band of $-/bbl (I may not be very accurate) for the sustaing of world economies.
