Abstract
Countries that consume large amounts of energy have been coping with oil prices hovering around $110 per barrel since the beginning of 2011, as most of the developed and developing nations have been trying to emerge from financial and debt crises. A sustained period of lower oil prices has provided relief. Major oil producers on the other hand, have grown accustomed to high oil prices, using them to prop up their national budgets. Sustained low oil prices are now making these oil producers to rethink their spending. Just how positive would be the effects, will depend on how long the price of oil continues to maintain the present levels.
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