Dr. Gil Feiler, the managing director of Info Prod Research, expects a further decline in oil prices. According to Feiler, the efforts by OPEC and Russia to boost the prices in the international market will not be fruitful in the upcoming months.

According to him, the global financial crisis will drag the prices down even below US$30 per barrel as demand from key markets - China and the USA - is poised for decline. Feiler also stressed that traditionally, there has been a decline in oil demand during the first half of each year. In addition, he suggests that many clients have already bought their oil needs, utilizing the significant pice cut in recent months.