There is a decline of more than USD 2 per barrel in the oil prices after the OPEC meeting as it is now clear that it would not announce new production target for cartel at its Friday meeting.

The conference was for around an hour on Friday, there was confusion all over the oil market in this hour. As per the Bloomberg, before the meeting, the cartel rose its production target to 31.5 mb per day.

OPEC President said that "they couldn't bother to include a number", but the cartel was committed to produce at the current level of around 31.5 mb per day.

"The group has abandoned its production target and will continue to leave the market awash with cheap oil - at least until the next OPEC meeting 2 June 2016. Oil prices are expected to remain under pressure", says Nordea Bank in a research note.