WTI crude oil prices plummeted below $40 per barrel on Friday as OPEC has agreed to stick to its policy of flooding the global market with oil in an attempt to maintain and re-gain market share. WTI was down 3.0 percent in early trading following the news.

Sticking To Their Guns

Early reports out of OPEC’s Friday meeting indicate that leader Saudi Arabia seems to be holding fast to its plan of business as usual in the hopes that higher-cost producers around the world, including many U.S. shale producers, will eventually succumb to the low-price environment, leaving OPEC members with a larger share of the market.

The decision comes despite protests from the organizations poorer countries, whose economies rely heavily on oil.

The Blame Game

Saudi Arabia is one of the lowest-cost producers in the world and seems to hold…

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