• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 12 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 2 days Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 19 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 2 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 6 hours NordStream2
  • 1 day Storage of gas cylinders
Editorial Dept

Editorial Dept

More Info

The Countries Most at Risk from Declining Oil Prices

The oil markets woke up at the end of the summer of 2014 realizing that there was not as much demand out there as they thought. Suddenly, the world is flush with supplies, and there aren’t enough buyers out there to gobble it all up.

That has Brent prices at their lowest levels in over two years.

The International Energy Agency said that weakening demand for oil worldwide is “nothing short of remarkable.” What is even more remarkable is the blunt language used by the IEA, usually a buttoned-up and bureaucratic bunch.

But for the third month in a row the IEA was forced to slash its demand forecast for 2014. The agency now expects oil demand to grow by just 900,000 barrels per day (bpd) between 2013 and 2014, a downward revision of 65,000 bpd from a month earlier. It is also 300,000 bpd less than what the IEA expected for the year in its July report.

For 2015, growth in oil demand is expected to only reach 1.2 million bpd, or 165,000 bpd less than the agency thought one month ago. The agency pins the slowdown on weak growth in Europe and China.

Saudi Oil Minister Ali al-Naimi responded to reporters’ questions about what OPEC would do in response. Prices “always fluctuate and this is normal,” he said. He dismissed the notion that OPEC would resort to drastic measures to prop up prices.

“We are confident that the current price drop does not call for an emergency meeting.... The price drop was not big…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News