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Crude oil prices fell sharply in the second half of 2014, declining from $115 per barrel to a low of $45 per barrel in January 2015. This represented the largest price decline since 2008. Lower oil prices benefit net oil importing countries like India by reducing inflation, the trade deficit, and subsidy costs. However, oil exporting countries and US shale oil producers face economic challenges from the price drop. At an OPEC meeting in November 2014, some members proposed production cuts to stabilize price

Author

Abhishek Nag

Language

EN