The price of Brent crude oil steadied below $73 a barrel on Tuesday after falling to a five-year low.
Reuters reported that Brent was unchanged at $72.54, while US crude was down 40 cents at $68.60 a barrel.
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The value of oil has decreased by more than 30% since June, with Brent and US crude declining from above $115 and $107, respectively.
At its meeting last week, OPEC decided not to cut oil production to support unstable and declining oil prices.
Saudi Arabia did not agree to an output reduction proposed by other members of the OPEC group, who suggested the change in policy due to an abundant oversupply in world markets.
Societe Generale head of commodities research Asia Mark Keenan was quoted by Reuters as saying: "Saudi Arabia and OPEC no longer have the mechanism to balance markets from the supply side."
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By GlobalDataAccording to several analysts, some producers may be forced out of the market due to lower oil prices.
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