DOHA: Global financial crisis and the economic slow down have hit the petroleum products’ consumption across the world, which came reeling down by 40 percent.

OPEC member Algeria said that the international market demand for oil was continuously falling, which has diminished to 86 million barrels per day from 140 million bpd.

In this backdrop, OPEC’s slated next week meeting might decide slashing production by 0.825 million bpd. It may be recalled that international market crude price since July thus far dropping by 68 percent came down to $46 per barrel from $147.