Crude oil prices fell yet again after OPEC declined to cut oil production, dragging the price of oil below $70 a barrel. There had been hope that OPEC would cut production to stop the rapid fall in oil prices, which have dropped by 30 percent since mid-summer.
The decline has been attributed to an overflowing market and the prospect of lower demand.
On Thursday, the 12 OPEC members, which account for one third of global oil production, met in Vienna to discuss the market and the falling prices. Venezuela and Iran sought a reduction in the production cap, which now stands at 30 million barrels a day; however, Saudi Arabia maintains that the oil market must achieve balance with the passage of time.
Iran has had to make adjustments to its budget, which was originally based on oil priced at $100 a barrel.
Russian experts specualted this week that oil prices could go as low as 60 dollars a barrel.