Despite the shrinking crude value, OPEC will not cut production

Mohit Jayachandran is breathing a sigh of relief. The 30-year-old engineer with Fluor Daniel, a multinational engineering and project management company in Gurgaon, near India's capital New Delhi, says he will be having a decent end-of-year vacation this time, after a long year.

"God bless oil-producing countries," he says. "My gasoline bill for the past few months has come down enormously, helping me save a few bucks to splurge."