As oil price has dropped about 70% from its 2014 summer peak, all in all global oil producers are in tough position. However, situation and level of risks differs from region to region. Like biggest threat to Saudi Arabia is its currency peg with US Dollar, Russia's risks is due to its narrow, concentrated customer base.

• According to latest figure available, almost 70% of Russia's (Russian Federation) crude oil exports are concentrated towards Europe.

This is clear risk. In past few years, European countries have felled more threatened from the presence of Russia, politically and Russia to maintain its global prowess has joined conflicts that directly or indirectly contradicts with European political strategy.

• It has been preventing Ukraine's trade pact with Europe, which would bring the former more closely to Europe and alienate from Russia.

• It has taken side with Bashar al-Assad Syrian president, while Europe and US want him removed.

• It has increased military presence in Black sea, which has been scaring some of the small European nations.

So, many in Europe want to diversify their energy need from Russia, which is not likely to bear well for Russia in the medium term.

• Moreover, it has very small presence in growing countries like India and China, which would largely contribute to increase in global demand. Only 11.4% of its total exports are directed to these two countries.

Compared to Russia, Middle East is in much better position globally, in terms of diversified customer base.

• Middle East sends around 10% or more of its total exports to US, Europe, China, India, Japan and rest of Asia Pacific.

Current low price and fight for share will not only change the oil market over the medium term, it would restructure the playing field of global politics.

Two region would be on our close radar, Europe and China to monitor how the field is being modified.