A Few Benefits From Lower Oil Prices But Some Will Suffer

Lower oil prices will benefit India's GDP and BoP
A sustained drop in the price of crude - such as from H1 average of USD109/bbl for Brent Oil to USD71/bbl today, or by 35 pct would have a significant impact on the Indian economy. It could turn India's current account deficit into a surplus, leading to gains in the INR.
Inflation would fall further to levels ensuring monetary easing and declines in INR OIS rates, as well as G-Sec yields. GDP growth would be boosted due to gains in purchasing power of consumers and businesses.

How will drop in oil prices help Chile
With less regulated prices than the rest of the region and oil imports around 6 pct of GDP the drop in oil prices should have a positive effect on Chile. Given oil's impact on Chile's trade balance, we also expect some improvement in the current account.
This presents upside risks to Chile's growth outlook and external balance, which is expected at 3.0 pct and -2.0 pct in 2015, respectively. Oil prices should also influence Chile's inflation outlook.

Effect of low oil prices on RUSSIA
Russia is the most vulnerable country to falling oil prices with energy exports accounting to 80 pct of overall exports and more than 50 pct of budget revenues coming from the energy sector. Oil price durably at USD70/bbl would induce a marked recession, particularly if the geopolitical situation does not improve in a way that would allow a partial lifting of sanctions. The threat is all the more significant for Russia as the initial economicand financial situation was already weak, even before a fall in oil prices.
The risk would be that the CBR would have to hike rates even more dramatically than what has occurred in the past few months, in order to limit the depreciation of the RUB. At some point, the authorities could be tempted to introduce targeted capital controls in order to cap the pressure, and limit the FX and rate pressure.