Oil prices have dropped after the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain its crude production volume, in a meeting held in Vienna on Friday.

The decision spiked fresh oversupply concerns as analysts believe that the OPEC producing oil at same level could add to the glut in the market.

Brent for July fell to a low of $62.70 a barrel, while the US crude stood at $58.68 a barrel, down 45 cents, Reuters reported.

Adding to it, China’s oil imports fell by more than 6% to 23.24 million tonnes, which weighed heavily on the crude prices.

"It means we will have an oversupplied market for the rest of the year."

Oil product exports of China, which bought nearly a quarter less crude in May, dropped by 10%.

Chinese oil import used to be provide support to the oil and investors anticipate that the oil demand is cooling from one of the major oil consuming country.

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By GlobalData

In Friday’s meeting, OPEC agreed to maintain oil output at levels well above the existing demand with other oil-producing countries adding to glut.

PVM Oil Associates oil analyst Tamas Varga told Reuters: "The OPEC decision is bearish for oil.

"It means we will have an oversupplied market for the rest of the year."

According to Goldman Sachs, Saudi Arabia and other low-cost producers are set to continue to increase output to increase revenues.

US drilling, which fell after crude prices dropped to six-year lows in January, is also expected to commence again in the second half of 2015.