IEA predicts further downward pressure on oil prices

The International Energy Agency (IEA) expects that, due to the oil market entering a new era with lower Chinese economic growth and also to booming US shale output, a return to high oil prices is increasingly unlikely, according to a Reuters report.

The IEA expects that prices could fall further in 2015 after declining to their lowest levels since 2010 below $80 per barrel.

Reuters notes that, for 2015, the IEA left its forecast of global oil demand growth unchanged at 1.13 million from a five-year annual low of 680,000 bpd in 2014, saying that the macroeconomic backdrop was expected to improve.

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