Oil prices have fallen below $50 per barrel for the first time in nearly three months, as Iranian crude output soared.
The global benchmark fell below $52.60 per barrel in London and was around $50.80 a barrel on Friday in New York.
The Organization of Petroleum Exporting Countries (OPEC) has set the price for its key oil-producing countries at $50 a barrel, while some members of the Organization of the Petroleum Exchanging Countries (Opec) are willing to cut their benchmark to $40.
The decline in the price comes amid the ongoing Iran nuclear talks.
The International Monetary Fund has said that Iran should pay back the IMF and the International Monetary and Development Fund (IMF) as soon as possible.
The IEA said last week that the price was likely to fall below $45.50 a barrel by the end of next year, a far cry from the $80 a barreled price that it predicted in April.
The market also has been on a downward slide since January.
In January, oil prices were above $90 a barrel.
However, by the beginning of June, the price had dropped to below $60, according to Bloomberg data.