China made $100 billion on its oil import bill in just six months due to collapse in crude prices | CNN reports

A saying that goes: one man food is another's poison.  Despite the cries of highly dependent countries on the fall of oil price causing their lose after OPEC decided in November not to cut production, China is have a ripple effect in billions of dollars.

According to  Boqiang Lin, a leading China energy economist and dean of the China Institute for Energy Policy Studies Speaking at a CNN panel on emerging markets at the World Economic Forum in Davos, Lin said : "And we don't have to do anything, China -- the world's largest importer of oil -- was hoping prices stay low and give the economy a boost"


"Low prices give us momentum and job creation," said Zhou Xiaochuan, governor of the People's Bank of China. Cheaper oil could also buy China time to pursue more economic reforms, he said.

While Russians prepare for the hardest economic hardship should oil price remains low which saw a drop from 16 per barrel to less than $50 in just six months. As Half of Russian government revenue comes from oil and gas -- meaning the country is now facing a three trillion ruble hole in its budget.

 Russian deputy prime minister Igor Shuvalov.  said "[There is] nothing good for us at the moment, 2015 will be a hard year."

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