IEA: Oil Prices May Continue Declining Further
Posted: 11/17/2014 03:11:42 Edited: 11/17/2014 02:11:42 Clicks: 2071
IEA expressed that trend of oil prices declining will continue in 2015. Weak demands and high shale oil production in the U.S. mean that downtrend of oil prices is still not ended yet.
At present, oil prices have already fallen to less than 80 dollars per barrel. Last Friday (November 14), Brent oil prices had fallen to the lowest level in nearly 4 years, 78.13 dollars per barrel.
IEA said, “More and more signs show that oil market is entering into a new period.”
“Unless supplying, or pressure of downward will grow further in the fist half of 2015.” IEA said. IEA is an intergovernmental organization which was established in the early of 1970’s after oil crisis. It acts as an energy policy adviser for 29 main oil importers in the world.
IEA said that the pressure that required OPEC to reduce oil production to raise prices was increasing.
However, it was also reported that Saudi Arabia, the main member of OPEC was unwilling to reduce oil production.
OPEC will hold a meeting in Vienna at the end of this month to discuss oil supply and demand. Economic development and expenses in most members of OPEC have high dependence on oil income.
United States Department of Energy predicted that low oil prices would be maintained in the next year.
In the early of last week, in its International Energy Outlook, IEA warned that blowout of shale gas production in the U.S. covered the high risks of international energy security.
At present, oil prices have already fallen to less than 80 dollars per barrel. Last Friday (November 14), Brent oil prices had fallen to the lowest level in nearly 4 years, 78.13 dollars per barrel.
IEA said, “More and more signs show that oil market is entering into a new period.”
“Unless supplying, or pressure of downward will grow further in the fist half of 2015.” IEA said. IEA is an intergovernmental organization which was established in the early of 1970’s after oil crisis. It acts as an energy policy adviser for 29 main oil importers in the world.
IEA said that the pressure that required OPEC to reduce oil production to raise prices was increasing.
However, it was also reported that Saudi Arabia, the main member of OPEC was unwilling to reduce oil production.
OPEC will hold a meeting in Vienna at the end of this month to discuss oil supply and demand. Economic development and expenses in most members of OPEC have high dependence on oil income.
United States Department of Energy predicted that low oil prices would be maintained in the next year.
In the early of last week, in its International Energy Outlook, IEA warned that blowout of shale gas production in the U.S. covered the high risks of international energy security.
