The World Bank on Tuesday lowered its global growth forecast for 2015 and next year due to disappointing economic prospects in the euro zone, Japan and some major emerging economies that offset the benefit of lower oil prices.

The European Union could significantly scale back sanctions and resume discussions with Russia on issues ranging from visa-free travel; cooperation with the Moscow-led Eurasian Economic Union; and the crisis in Libya, Syria and Iraq; if Russian President Vladimir Putin moves to end the crisis in eastern Ukraine, according to an EU discussion paper.

Robust recovery in the United States, a moribund euro zone and slowing Chinese growth reflect global splits which plunging oil prices are likely to widen.

The market consensus is that the China is buying more oil than they need in order to fill strategic reserves.

The halving of oil prices over the past six months has caught pretty much every economist by surprise and prompted a rush to explain the reasons behind this astounding drop and the consequences for the global economy .

Energy security is a topic of growing concern to many EU countries and the Western Balkans, here defined as Albania, Bosnia and Herzegovina, Croatia, FYR Macedonia, Kosovo, Montenegro and Serbia, could play a role in improving that security through possible investment in liquefied natural gas (LNG) terminals and new gas pipelines.

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.

Plunging oil prices are giving a bump to consumer and business spending around the world -- just not enough to increase global growth forecasts.

Sharp drop expected in global E&P spending in 2015

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.