Shares in energy companies have been punished as oil prices plunge to new five year lows.
But it is not all doom and gloom, as lower oil prices should help boost global economic growth.
BHP shares are at five year lows, Santos hit a 10 year low and Woodside Petroleum and Oil Search are also significantly weaker.
That's after another drop in oil prices overnight as the Organisation of Petroleum Exporting Countries (OPEC) said demand for the cartel's crude oil would fall to its lowest level since 2003, well below the amount of oil it is producing.
OPEC has shown no signs yet of reducing production.
The US benchmark West Texas Intermediate is just above $US60 a barrel - down 40 per cent in just six months.
IG chief market strategist Chris Weston said prices could fall to $US40 a barrel given falling demand, increasing US production and global growth concerns.
Morningstar analyst Mark Taylor said it would not take too long for high cost oil producers to reduce production, which would help stabilise prices.
The volume of oil production driving the oil price fall is small - one to two per cent of global demand - so would not have to be tweaked much to have a big impact on price, he said.
Investors should still consider buying quality oil and gas stocks, with the likes of Woodside and Santos boasting low production costs, strong balance sheets and high quality projects, Mr Taylor said.
Both also produce liquefied natural gas (LNG).
"While the LNG is referenced to the oil price, there's floors and ceilings and contract re-openers, so if oil goes to $US20 it doesn't mean that Santos is going to be getting the equivalent of that for their gas prices," Mr Taylor said.
Mining giant BHP is also not dependent on oil, and what it loses on lower oil prices could be partly compensated for in its other businesses due to lower energy costs.
"That's the other thing that seems to be missing in all the commentary - if you're going to make energy so much cheaper, it's got to be a massive boost to the global economy, for anyone who's a net energy importer anyway," Mr Taylor said.
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