Oil prices have fallen in recent days, with the dollar tumbling against other major currencies.
On Monday, the dollar weakened to $1.2769, its lowest level since March.
That prompted the Fed to cut its benchmark interest rate to a record low of 1.25 percent, the lowest since December 2009.
On Wednesday, the Fed’s key rate edged lower to 1.5 percent.
In the meantime, U.S. oil production fell 2 million barrels per day, according to the U.N. World Oil Outlook report.
And U.K. oil output fell 1.3 million barrels a day, the biggest one-day decline in a decade.
Oil prices are still far below the peaks reached in 2009 and 2008, when they were above $100 a barrel.
But the drop is now so severe that the price of a barrel of oil may be the lowest in a quarter-century, the report said.