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Links to previous press releases are below.

News X

Oil plummets to fresh seven-year low as IEA warns of glut


The price of Brent crude oil fell to a new seven-year low of below $38/bbl after the International Energy Agency (IEA) indicated that the global oil glut could intensify as world oil demand growth was beginning to show the �first signs of a slowdown�. Global demand growth in 2016 is expected to average 1.2M b/d, down from growth of 1.8M b/d in 2015. The projected slowdown in growth is due in part to reduced upward pressure from supports such as a post-recessionary bounce in many European countries and very strong US growth.