OPEC's decision, which came after Saudi Arabia blocked calls from poorer members of the Organization of the Petroleum Exporting Countries to cut, led to a rout in oil prices on Thursday.
"The move aligns with Saudi Arabia's stance to allow the oil market to stabilise itself and be driven by supply and demand fundamentals,"
Brent crude had fallen 13 cents to $72.33 a barrel by 0211 after plummeting $5.17 to close the previous session at 72.58. Earlier on Thursday, it touched its weakest since July 2010 at $71.25.
The crude benchmark is headed for its steepest monthly decline since November 2008, after falling more than 15% this month.
Brent has lost more than 37% since June when it hit $115.71 a barrel
Falling crude oil prices force the 12-member OPEC to seriously think about a production cut. Members of the Organization of the Petroleum Exporting Countries (OPEC)account for nearly 40 % of global oil output
The 12 Opec members decided to maintain production at 30 million barrels per day as first agreed in December 2011
Opec's secretary general Abdallah Salem el-Badri said they would not try to shore up prices by reducing production.
India will be a big beneficiary if Brent crude prices indeed drop to $60 per barrel, provided the rupee continues to trade in the 58-62 range against the US dollar. Petrol and Diesel prices in the country will fall sharply because both these fuel have been decontrolled now. Going by past trends, petrol prices might fall below Rs 60 per litre if Brent crude prices drop below $60/barrel. If petrol prices fall below Rs 60/litre, it would be the first time since May 2011.
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