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Oil price plunge continues as IEA forecasts weaker demand in 2015 | Business | The Guardian

Benchmark Brent crude has fallen 46% since June and was close to $62 (£39) as the IEA warned of the threat of global social instability and the potential for financial defaults in big producer countries such as Venezuela and Russia.

The oil price has plummeted in response to a massive buildup of shale-derived oil in the US, reduced fears of fighting in Iraq disrupting supplies, and slower growth in demand as the world economy falters.

A decision by the Opec oil cartel two weeks ago to keep its production at existing levels has been taken as a signal by traders and shippers that the producers' cartel is happy to see prices fall for the forseeable future.

The IEA said in its December monthly oil report that it was cutting its 2015 demand growth forecast by 230,000 barrels a day to 900,000, partly because of falling output in former Soviet countries.

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Dec 12th, 2014 at 03:36:53 PM EST
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