All eyes turn towards OPEC this week, when the 12 strong member group will form a contingency plan on how halt tumbling oil prices.
Oil prices have fallen to record lows this month, after the fears over a worsening sovereign debt crisis and weakening global demand has pulled down the markets strongly.
Both major oil contracts, Brent and WTI have been trading below the key 100 dollar per barrel mark for several consecutive sessions.
OPEC, which controls most of the world's oil supply, usually cuts or increases production, in order to rebalance the markets and minimise significant price fluctuations.
However, this week there has been a war of words between OPEC oil ministers, as several countries differ on whether to keep prices low to promote growth OR keep prices high to maximise revenue.
Saudi Arabia's oil minister Ali al-Naimi said he is thinks the level of oil production should be increased, despite a glut in supply, while oil ministers in Iran and Iraq have said that production should be lowered.
Written & Presented by Lianna Brinded