The recent plummet in crude oil prices is expected to chiefly hit the economies of Saudi Arabia, Russia, and U.S. shale oil producers, especially if prices continue with historic lows and if OPEC fails to make deeper output cuts.

Saudi Arabia-led OPEC and Russia-spearheaded non-OPEC could not agree on measures to further curb oil production on Friday after their seven-hour meeting ended in the Austrian capital Vienna.

This caused a slump in crude prices with international benchmark Brent sinking as low as $31.27 per barrel during early trading on Monday while American benchmark West Texas Intermediate fell to as

Read more: Oil price dive to mainly hurt Saudis, Russia & US shale