Crude Oil prices fell almost 4% to settle at $44.51 a barrel yesterday as deepening economic worries countered expectations that the Organization of the Petroleum Exporting Countries (OPEC) would agree to its biggest supply cut ever when the group meets in Algeria this week. The OPEC ministers, who meet on Wednesday, are calling for the largest output cuts ever to combat rising inventories and falling demand. The latest economic turmoil has slammed energy demand growth and contributed to a slide in Oil prices of more than $100 per barrel since the peak of $147 in July. Crude prices have dropped to a 4 year low of $40.50 a barrel on December 5 as the slumping global economy depresses demand in large consumer nations such as the United States. The price is also falling because Oil consumption has now shrank in the world's top three Oil consuming nations: the United States, China and Japan. About 86 million barrels of Oil are burned worldwide each day.

After slashing a combined two million barrels daily, close to 7.3% of its output at two previous meetings, OPEC is expected to cut production by at least another 5% in order to help draw down global inventories. In light of the deepening crisis, the cartel is also hoping for support from exporters outside the group in order to stabilize the prices. Russia, the biggest non-OPEC exporter, is sending its energy minister and its deputy prime minister to the Oran meeting, Russia is expected to offer output cuts of up to 300,000 barrels per day. The OPEC group's top priority is to support Crude Oil prices, which sank towards $40 early this month. Despite the upcoming supply cuts, some analysts are forecasting $30 a barrel or below in the first quarter of next year.