The International Energy Agency said prices are likely to come under further pressure, as it cut its outlook for growth in demand next year. And some analysts expect prices to fall to as low as $55 a barrel in the short term.
In its meeting last month, the Organisation of the Petroleum Exporting Countries decided to keep its production levels unchanged. What is making the situation even worse is a boom in US shale oil production.
So while consumers enjoy an extra jingle in their pockets this festive season, cash-hungry oil exporters are left with sleepless nights.
But are there other reasons behind the free fall in oil prices? And who stands to gain or lose?
Presenter: Adrian Finighan
Mamdouh Salameh, international oil economist and consultant on oil and energy for the World Bank.
Thina Margrethe Saltvedt, Senior Macro Oil Analyst at the Department of Economic Research.
David Nelson, Chief Strategist at Belpointe Asset Management.
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Source: Al Jazeera