(VOVworld) - Oil prices sunk to fresh four-year lows on Thursday after OPEC decided against cutting output despite a huge oversupply in world markets. Tariq Zahir, analyst at Tyche Capital Advisors in New York, said that the OPEC decision left the oil market vulnerable to much bigger falls as abundant supply of high quality, light crude oil floods world markets, much of it from shale oil in North America.

Venezuela's President Nicolas Maduro said on Friday he and other government officials should take salary cuts as part of budget reductions in response to the lower price of oil. Earlier, in a speech on state TV, President Maduro called for OPEC to cut down output to bring the oil price back to target of 100 USD per barrel.