IEA warns of lower oil demand in 2016

The International Energy Agency warns that global oil markets will remain oversupplied through 2016 if OPEC producers fail to impose a ceiling on output. Crude oil prices have plunged to their lowest level since 2004

Brent crude (ICE Futures exchange)
120
110
100
90
80
70
60
50
40
30
Jan
Apr
Jul
Oct
Jan
Apr
Jul
Oct
2014
2015

Jun 19, 2014: $115.06 per barrel

Nov 17: Brent falls to $78.27 as Japan enters recession

Jan 13, 2015: Brent falls to $46.59 as Saudi Arabia cuts prices to Europe to defend its market share

May 6: Oil peaks at $67.77 after 1.5 million-barrel drawdown of U.S. inventories. U.S. has 485 million barrels in storage

Dec 21: Brent for February slides to $36.17 a barrel. Up to 2m barrels above demand are being produced every day

Sources: International Energy Agency, Investing.com