The price of Brent crude oil declined to a four-year low, touching below $77 a barrel today, amid concerns of ample supply and uncertainty regarding Organization of the Petroleum Exporting Countries (OPEC) production cuts.
Reuters reported that Brent crude oil was up 64 cents at $78.13 a barrel earlier in the session, following which it declined to $76.76, while US crude remained unchanged at $74.21.
The International Energy Agency’s monthly report revealed that prices may dip even further next year.
OPEC ministers are due to meet in Vienna, Austria on 27 November to discuss its oil production policy. The group has previously reduced production at times of abundant supply.
Several OPEC members, including Iran, Kuwait and Saudi Arabia, continue to downplay talks of any oil output reduction.
Saudi Oil Minister Ali al-Naim said the kingdom wanted stable oil prices, but did not reveal whether the country supports a cut in production or not.
Meanwhile, the Hariga oil port in eastern Libya has been reopened following a protest, but the El Sharara oilfield remains closed.