For the first time since July 2009, the price of Brent crude oil has dropped below the US$60 mark. On the 16 December 2014, the OPEC daily basket price of 12 crudes stood at US$57.92 a barrel, almost half of what it stood at just six months ago.

Despite the deteriorating oil price, OPEC has reiterated their stance on the matter, ensuring there will be no cuts on output.

“We are not going to change our minds because the prices went to $60 or to $40…the market will stabilize itself,”  United Arab Emirates energy minister Suhail Al-Mazourei said.

The Russian Rouble has lost 50% against the US Dollar this year, forcing Russia to increase its interest rate from 10.5% to 17% in an attempt to stabilize their current economic situation.

Despite the negative effect the oil price is having on oil producers, certain economies are set to benefit from the current collapse in oil price, as the price of fuel is set to drop in accordance.