Friday saw oil prices plunge to their lowest levels in 2018.
Oil prices continue to fall and the price of a barrel of oil has plunged approximately 20% since the start of September.
Brent crude fell to $60.69 (£47.32) on Friday, the lowest level since November 2017.
West Texas Intermediate crude fell 6.2% to $3.37.
The oil price is not low enough for US President, Donald Trump. Despite thanking Saudi Arabia for exporting more and lowering the price, he said he wanted to see it lower still.
“Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!” he tweeted.
The Saudi energy minister, however, has said that the state needs to curb the output.
“We will not sell oil that customers don’t need,” he said.
A survey of 11 oil forecasters by S&P Global Platts expects oil prices to average $75.50 a barrel in 2019. This year prices averaged at $73.91.
HSBC said in a note last week: “OPEC has indicated its determination not to let the market slip back into oversupply in 2019, and we think it has given a clear indication of its intention to defend prices in the $70s.”
The plunge in oil prices saw stocks tumble on Friday. The Dow Jones Industrial Average fell 142 points, while the Nasdaq Composite fell 0.3%.
Peter Cardillo, the chief market economist at Spartan Capital Securities, said: “Tech stocks are under pressure once again but more troubling is that oil prices are collapsing.”
“Lower oil prices are not a good sight for the economy. OPEC has indicated they’re going to cut [production], but that’s not helping. That’s a bad sign.”