World oil demand in 2015 is expected to fall

World oil demand in 2015 is expected to fall

Brent oil price fell to US $ 60.50 a barrel before rising to US $ 62.67 on Friday (12/12), while US crude oil traded below $ 59 per barrel.

For Brent oil this is the lowest price since July 2009.

IEA, consultative organization consisting of 29 countries, estimates that world oil demand in 2015, down 230,000 barrels per day to 900,000 per day, since the estimated decline in oil consumption in Russia and oil exporting countries.

World oil prices fell sharply since last June because of weak demand and also due to the increased production of unconventional oil (shale oil) in the United States that makes global supply increases.

"The root cause of the decline in prices are skyrocketing supply from countries of non-OPEC ... while global demand growth reached its lowest point in five years," the IEA said in a statement.

BBC economics correspondent says the decline in world oil prices could lead to deflation, a development that is less favorable to Japan, countries that use the euro currency, and China. (BBC)