Oil prices have dropped by more than $20 since October, falling to $65.37 per barrel on November 13 from a peak of $86.29 on October 3, Al Mal reported.

Oil prices have lost a quarter of their value since early October, one of the biggest declines since the price collapse in 2014.

The Organization of the Petroleum Exporting Countries (OPEC) has issued repeated statements that it will begin curbing crude production in 2019 to balance supply and demand and push prices higher.