Those nations which do not have a booming economy or the third world countries have always found it hard to tackle with the problems of increasing prices of oil barrels. Importing oil is a necessity since all countries, big or small, developed or underdeveloped need some barrels of oil for the sake of meeting their minimum energy consumption needs.
The gulf countries which are generally the owners of vast natural reserves of oil are the ones that have benefitted tremendously from this deal. They have earned lots of revenues owing to the booming oil industry. They had huge margins of profit and they took best advantage of all situations as with increase in demand for oil barrels, they hiked the prices as well.
However, things might take a downward turn as far as oil industry is concerned. A lot of people who analyze the moves and trends of market have come to the conclusion that the oil industry is likely to be hit by the blows of recession. Owing to these major blows of recession, not only shall the price of oil go down but it is believed that despite the slash in price, the demand shall decline drastically too.
One cannot with certainty predict that this event is sure to happen. But, given the logics and statistics that are a part of the theory, it might soon be true. All the countries would be at a loss because of this global phenomenon as owing to recession, none of the country is likely to tap the benefit of the situation and the world as a whole is likely to suffer. The only positive thing that might be associated with this oil debacle is that the net energy consumption of oil is likely to go down which was the need of the hour. Although, it is not the right way of cutting down consumptions, yet it might be our only option.
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