NEW YORK (TheStreet) -- Nov. 27 wasn't just Thanksgiving Day, it also marked the all-important OPEC meeting. The group's decision not to cut production sent the price of crude swirling lower, currently to around $67 per barrel. 

The dramatic move lower is somewhat surprising, Stutland Volatility's Luke Rahbari told TheStreet TV's Jill Malandrino. It seems like the market should have more accurately priced in this event, he said. 

United States Oil ETF USO data by YCharts

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Due to the supply glut currently on the market, prices are unlikely to move higher any time soon, Rahbari said. This could be especially painful for countries like Russia and Venezuela. 

OPEC will also no longer subsidize other non-OPEC members and other oil producing entities. OPEC members want prices to rise, but are unwilling to cut production

Rahbari explained that due to many OPEC members' lower production costs, they can afford to wait out these low prices. On the flip side, many Canadian and U.S. shale producing companies cannot allow crude to fall too low. 

Below $45 to $48 per barrel, most shale oil producing companies would be forced to cut production, since it would no longer be profitable for them to pump. 

For that reason, the $45 to $48 per barrel level should be a significant price support, he said. 

It's totally possible that oil prices will continue to stagnate over the coming year and even head lower. Also, the rising U.S. dollar negatively impacts crude oil prices, Rahbari concluded. 

-- Written by Bret Kenwell 

Follow @BretKenwell

TheStreet Ratings team rates CHEVRON CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CHEVRON CORP (CVX) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, attractive valuation levels and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing performance in the stock itself."

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