OPEC held the line at Friday's meeting, despite a global glut. Market speculations about Saudi Arabia suggesting an output reduction dissipated when the cartel decided to roll over its high-production policy.
"There's been a lot of misinformation this week," said Michael Cohen, head of energy commodities at Barclays told CNBC's "Power Lunch." "The meeting was a non-event, and that's what we expected."
OPEC president and Nigeria's oil minister, Emmanuel Ibe Kachikwu, told CNBC that the leaders decided to "keep the current actual," and clarified the output to be about 31.5 million barrels per day (bpd). Before this report, OPEC's crude production was believed to be 30 million bpd.
Oil prices settled lower on Friday after OPEC's move to retain market share. U.S. crude settled 2.7 percent lower Friday, at $39.97 a barrel.
Internationally traded Brent was down 80 cents, or 1.8 percent, at $43.05 at 2:33 p.m. EDT, having fallen earlier this week to a low of $42.43, within cents of August's 6-½ year trough.
Despite low oil prices, U.S. stocks traded nearly 2 percent higher Friday, as investors cheered a solid jobs report and remarks from ECB President Mario Draghi.
"I think they took the path of least resistance because they're not going to get the cooperation from the non-OPEC members like Russia, Mexico, or Kazakhstan," Andy Lipow, president of Lipow Oil Associates told CNBC's "Closing Bell."
"On the other hand, you have Iraq saying were going to produce more next year," he continued.
Lipow forecasts continued slides in oil prices, noting that "I expect that inventories in the U.S. will go above 500 million barrels next quarter, and the markets simply won't like it."
The energy sector in the U.S. has been challenged by overleveraged companies, with dozens of North American producers having filed for bankruptcy so far this year.
"Essentially, what you have to see is non-OPEC supply continue to decline, and that's what we expect next year," Cohen said.