Global crude prices have dropped by 50 percent just June, and gas prices around the world are plummeting as the barrel reaches a price not seen since after the 2008 recession. Oil productions around the world from Russia to Canada, Venezuela and the U.S. are struggling to keep up with the current price war that it seems Saudi Arabia has the only chance of surviving.

As production amounts remain steady and the price of crude keeps dropping, fewer and fewer production lines will be able to continue turning a profit on their oil, AFP reports.

Saudi Arabia, however, seems to show no signs of stopping.

"Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant," Ali al-Naimi, the kingdom's oil minister, said in an interview.

He went on to defend the decision by the Organization of the Petroleum Exporting Countries (OPEC) to maintain its production ceiling of 30 million barrels a day and said he refuses to drop production while those outside of OPEC raise their own or continue steady.

"Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce? If I reduce, what happens to my market share? The price will go up and the Russians, the Brazilians, U.S. shale oil producers will take my share," al-Naimi continued.

To make the situation clear, of the number of oil-producing countries around the world, none come close to Saudi Arabia's astoundingly low production cost of around $4-$5 per barrel. They are the only ones who can weather the storm, and in that time prices are expected to keep plummeting.

OPEC has sought to instill some market stability by coming to an agreement between producers, but the most efficient producers are not budging.

"We produce less than 40 percent of global output. We are the most efficient producer. It is unbelievable after the analysis we carried out for us to cut," said al-Naimi.

Gas prices in the United States dropped today for their 89th straight day. The average U.S. gallon (regular) as of yesterday sits at $2.403, though prices are all over the place with some southern states seeing the gallon drop below $2.00. This marks the lowest gas has cost in the United States in over five years.

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