What that means for consumers and investors remains unclear. But keeping up the current pace of oil production while prices are declining can only last so long before economics forces companies -- and countries -- to curb output, pushing prices higher.
Must Read: 10 Stocks George Soros Is Buying
Let's be real. OPEC's decision to leave production alone was not unanimous. In fact, Iraq, Iran, Angola and Venezuela all wanted a cut at the last OPEC meeting. Therefore, compliance with production quotas should already be a concern for those looking to short oil.
While there may be some additional selling in speculative exploration and production company stocks, there could soon also be some bottom fishing in energy exchange-traded funds by investors not convinced oil prices sub-$70 a barrel will last long.
That could hurt recent gainers like the ProShares UltraShort Bloomberg Crude Oil ETF (SCO) and the Powershares DB Crude Oil Double Short ETN (DTO) , while also prompting renewed long interest in the United States Oil Fund (USO) Energy Select Sector SPDR (XLE) and the beaten-down Market Vectors Oil Services ETF (OIH) , an ETF under pressure from lower oil prices and fears of dividend cuts from companies that comprise the index.
So while investors navigate the OPEC move, there could be reasons to think oil prices will soon find their sea legs.
The Saudis, the leading voice of OPEC, have the economic means to play a game of chicken with U.S. shale producers. But countries such as Iraq really can't afford a prolonged decline in oil prices. The weakness may prompt some members to quietly look to cut production in order to boost prices ahead of OPEC's next official meeting, in June in Vienna, Austria.
Other factors that may help curb a prolonged decline in oil prices are concerns regarding the shale project breakeven points and debt.
Consider this: Citi's Ed Morse recently wrote that if Brent prices dip towards $60, a "significant" amount of shale production would be challenged.
Must Read: Who Are the Winners and Losers in a World of Plunging Oil Prices?