Interesting effects for the rest of us with the cheap oil, though. I doubt it will offset the effects of reduced exports to the US but it usually has a positive effect on the economy.
And a terrible effect on the environment. But that's not what anybody is worried about right now.
Lower prices might be good for countries like Germany to stockpile for Winter (so oil & gas they'd already use anyways) while hurting producers that rely on it being a high price to be profitable.
Less profitable may lead to less investment in oil development while wind, solar, and other means become more prevalent.