The world oil prices have dropped to their lowest levels in more than a year. The move follows the decision by Saudi Arabia, one of the world's largest oil producers to cut its oil prices for the fourth month in a row but without any signs of cutting its production to ease the glut in the global supply. Saudi authorities say, the move is aimed at keeping its world market share and compete on pricing with other big producers. The price for Brent crude from the North Sea fell to as low as $91.55 a barrel, lowest point since June 2012, before recovering by more than $2 a barrel. This slump is set to narrow Indian oil firms' losses on the sale of petroleum products and lower the Government's subsidy burden.Analysts predict oil prices could fall further as long as production in major drilling areas across the world is not trimmed. World oil prices have been falling for several months as Libyan oil production has resumed and the value of the U.S. dollar is at a four-year high against other currencies.