For instance, Turkey imports over 90% of its oil and about 70% of its overall energy needs, so a $10 drop in oil prices cuts $4.5 billion to $5 billion from its current-account deficit, according to Finance Minister Mehmet Simsek.
India imports about 85% of its oil. Prime Minister Narendra Modi has called for cuts in government oil subsidies. Consequently, the lower prices and a future cuts in government subsidies would leave the country with more money to allocate toward infrastructure and development projects. [When Oil Prices Dip, Unexpected Winners Emerge]
Indonesia has already diminished its fuel subsidies to free up cash for infrastructure projects, potential stimulating Indonesia’s equities market. [Indonesia ETFs Could Have More Room to Run]
Brent crude oil futures are trading at $66.7 per barrel, and Bank of America expects Brent oil to fall below $60 per barrel in the second half of 2015.
For more information on the developing economies, visit our emerging markets category.
Max Chen contributed to this article.