OPEC decisions:

Organization of Oil Producing Countries which produces 40 per cent of world's oil, refused to reduce the oil production under the pressure of Saudi Arabia, world's largest oil producer. Saudi Arabia had feared losing the market share and that if it compromised, the prices will never increase. This judgement created a huge gap between supply and demand. Eventually, the prices of Brent Crude Oil decreased from $80 to $70 and finally to $50. This sharp decrease in prices had affected several economies, either positively or negatively. Russia, whose economy depends heavily on oil revenues making 45 per cent of it's government budget, suffered too badly. Inflation increased, currency value started to collapse and imports became too expensive. Iran, which was already reeling under the pressure of western sanctions, is finding it difficult to manage with the deficit. Countries like India have received huge advantages, like decreased Current Account Deficit. The decrease in oil prices helped the government manage the subsidies and introduce carbon tax. Foreign reserves have become stable and has helped currency stabilization. Although such tough conditions have reversed the economic conditions, it is still unpredictable. Each country has to get prepared to face this situation and it's reverse too.