In 2015, world oil demand is anticipated to rise by 1.15 mb/d, following an upward revision of 30 tb/d due to expectations of higher oil requirements in OECD America and Other Asia.

December was the sixth consecutive month in which monthly average Brent prices decreased, falling $17/barrel (bbl) from November to a monthly average of $62/bbl, the lowest since May 2009. The December price decline reflects continued growth in U.S. tight oil production, strong global supply, and weakening outlooks for the global economy and oil demand growth.

The falling oil price is a huge shot in the arm. Nonetheless, it is clear that the ECB will have to do something. There is no growth and the debt burden is too high. The world will be flying on one engine, the U.S., for quite some time.

Gulf stock markets may lose steam on Sunday after oil and global equities fell on Friday, although bets on positive fourth-quarter corporate results and dividends may support some stocks.

Crude lost another 11 per cent this week amid continuing worries about a supply surplus as demand slows, with the Brent benchmark falling below $50 a barrel.

Crude oil markets continue to search for a bottom as prices declined again in December and the first week of January. The North Sea Brent front month futures price settled at $50.96/bbl on January 8, a decline of $21.58/bbl from December 1

The Availability and Price of Petroleum and Petroleum Products Produced in Countries Other Than Iran

Saudi Arabia and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production, the country’s oil minister said.

Crude prices surged from the lowest closing levels since May 2009 as comments from Saudi Arabia’s oil minister yesterday added to the most volatile market in three years.

Crude oil prices are poised to fall below half where they were six months ago, before producers begin dealing with a global glut.