Oil prices fell on this mornign as ministers of the Organization of the Petroleum Exporting Countries (OPEC) met in Vienna for a policy meeting.
Brent crude oil for July dipped 40 cents a barrel at $61.63, while the US crude futures declined 50 cents at $57.50, Reuters reported.
At the meeting the ministers are widely expected to keep oil production level unchanged for the coming six months.
Over the past few months, the Organization of the Petroleum Exporting Countries led by Saudi Arabia tried to secure the market share of the cartel instead of adjusting the production to the market demand, putting strain on prices.
Saudi Arabia oil minister Ali al-Naimi told the news agency: "It is a free market, everyone is free to produce as much as he wants."
Due to investors’ expectation on continuity of oversupply, oil prices dipped 5% in the previous two sessions.
Fuel consumption increased due to lower oil prices that have also put a curb on the shale boom in the US.
A report by the International Energy Agency (IEA) anticipates that the dip in oil prices could support natural gas demand over the next five years after experiencing slowdown in 2013 and 2014.
According to the estimate, the global demand for gas would rise by 2% per year when compared with the previous forecast of 2.3%.
IEA has revised the demand based on lower demand in Asia as consumer are shifting to cheaper energy sources due to higher prices of gas.
IEA executive director Maria van der Hoeven said: "One of the key, and largely unexpected, developments of 2014 was weak Asian demand.
"Indeed, the belief that Asia will take whatever quantity of gas at whatever price is no longer a given. The experience of the past two years has opened the gas industry’s eyes to a harsh reality: in a world of very cheap coal and falling costs for renewables, it was difficult for gas to compete."