After weeks of speculation, the Organization of the Petroleum Exporting Countries (OPEC) confirmed Thursday that it will not be cutting oil production. The move sent the price of oil plummeting throughout the day. "Accordingly, in the interest of restoring market equilibrium, the Conference decided to maintain the production level of 30.0 mb/d, as was agreed in December 2011," reads a statement from the cartel. The new normal? As mentioned, the news sent oil prices tumbling, with both West Texas Intermediate (WTI) and Brent crude falling more than 4 percent, hovering at $69.05 and $72.58 respectively per barrel. Brent crude hasn't fallen below $75 per barrel since September 2010. "The lack of a cut from OPEC means we're likely to remain oversupplied here barring some other potential move down the road from them," said Chris Cox, an analyst with Raymond James. "It's going to be some pretty challenging times I think for most oil producers." Cox said it is tough to pinpoint a price that producers and investors will have to grow accustomed to seeing, but said a mid-$60 range for WTI isn't out of the question. "I think we're getting close to a bottom on oil, but what that exact price is, is difficult to really say," he said. How did we get here? Record output from non-OPEC countries (largely the United States) has led to a slump in prices, with inventory that hasn't been seen in decades. "The Conference also noted, importantly, that, although world oil demand is forecast to increase during the year 2015, this will, yet again, be offset by the projected increase of 1.36 mb/d in non-OPEC supply," reads the statement from OPEC.