NEW YORK (TheStreet) -- Shares of the world's largest oilfield services company Schlumberger  (SLB) - Get Report plunged more than 8% to a 52-week low of $83.25 on Friday after OPEC decided earlier this week not to cut oil production, which could leave the market oversupplied.

Crude oil prices plummeted 6.5% to $69.38 per barrel on Friday, the largest one-day decline since May 2011 and the lowest price since 2010. Brent futures declined to $71.12, the lowest price since July 2010.

"We are seeing continued oversupply," said Bill Hubard, chief economist at Markets.com, according to CNBC. "I think $70 a barrel will be the new norm. We could see oil go considerably lower."

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Separately, TheStreet Ratings team rates SCHLUMBERGER LTD as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate SCHLUMBERGER LTD (SLB) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company shows low profit margins."

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