Oil's fall: winners and losers

Oil has cratered more than 42 percent from its June highs. WTI sank another 4.4 percent Wednesday to a fresh five-year low just shy of $61 per barrel, and Brent lost another 4 percent to $64.19 per barrel. Who is taking a dive and who benefits from it?

From the Wall Street Journal’s economics blog: 

In dollar terms, the price drop translates into a $117 billion loss in revenues for Saudi Arabia if oil prices hold for another six to eight months, based on that country’s massive exports of crude. Russia, already in recession, could lose nearly $100 billion in revenues, almost 5% of the country’s GDP. Iran’s also in similar straits, maimed by international sanctions and a falling currency, with the price drop slicing off 5% of its GDP in revenues. And Kuwait could see its oil income fall by $32 billion, almost one-fifth of the country’s GDP.For U.S. consumers, it’s an aggregate windfall worth $90 billion. It’s also a benefit equivalent to nearly a percentage point of GDP for China, Germany and France.

Dimitri Halby, No Mistrals for Putin

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Update January 2015

Fortune January 7, 2015:

The Philippines is going to crush it. And Norway, unfortunately, is in for some hard times. That’s just two of the findings from research firm Oxford Economics, which recently set out to determine what cheap oil would mean for the world’s economy. And they think they figured it out.