Crude oil fell under 40 dollars, for the first time after seven years, as Organization of the Petroleum Exporting Countries (OPEC) has taken no steps to cut down supply.
The price of Brent crude oil that Turkey considers as an indicator in its fuel prices, declined to 39.88 dollars per barrel. Meanwhile, the price of U.S. light crude oil per barrel declined under 37 dollars, to 36.64 dollars.
Brent crude oil prices per barrel has increased, relentlessly, to more than 40 dollars in July 2004, then to 78.26 dollars in August 2006. In Jan. 2007, the Brent crude oil declined to 50.83, then the prices hit record high in 2008, with 143.95 dollars.
Following the global financial crisis, crude oil prices saw a sharp fall and declined more than 100 dollars in around five months, to 39.90 dollars in Jan. 2009.
The refusal of the OPEC to reduce supply, against the demands, will sustain the pressure on prices, urge analysts.
According to the statement released by OPEC last Friday after the meeting in Vienna, member countries will continue producing 31.5 million per barrel daily crude oil. Meanwhile, the OPEC that has been producing more than 30 million barrels in the last 18 months has suspended a new discussion to focus on production quota to the upcoming meeting in June.