In the past few weeks, Oil Prices have crashed from around $60 a barrel down to almost $20 a barrel. This is not only a big deal for global economy, geopolitics but also environment. Almost every country’s economy is affected by this, either positively or negatively. The big reason for this is the falling global demand and the oil price war between Russia, USA and Saudi Arabia. The three biggest producers of Oil. Saudi Arabia is a part of OPEC (Organization of Petroleum Exporting Countries) which together control the supply of oil to regulate the price in the market. Russia did an agreement with Saudi which was popularly known as OPEC+ but the talks broke down after Russia refused to decrease the supply of oil. This will impact the US Shale Oil businesses which may go bankrupt. It is a big profit for oil importing countries like India and Japan which will save them billions of dollars.

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