The IEA Oil Market Report for December cut the outlook for 2015 global oil demand growth by 230 000 barrels per day (230 kb/d) to 0.9 million barrels per day (mb/d) on lower expectations for the Former Soviet Union and other oil‐exporting countries.

For now it is only a distant rumble, but many oil executives and advisers believe they can hear it coming: a gusher of oil deals that is set to erupt next year.

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

Мы ожидаем, что цены на нефть будут находиться на уровне в среднем 80 долл. за баррель в следующие три года. Такое значение средней цены следует из консенсус-прогноза ведущих аналитиков.

North Sea Brent crude oil spot prices fell by more than 15% in November, declining from $85/barrel (bbl) on November 3 to $72/bbl on November 28. Monthly average Brent crude oil prices have declined 29% from their 2014 high of $112/bbl in June to an average of $79/bbl in November, the lowest monthly average since September 2010. The November price decline reflects continued growth in U.S. tight oil production along with weakening outlooks for the global economy and oil demand growth. The Organization of the Petroleum Exporting Countries' (OPEC) decision in late November to maintain its current crude oil production target, despite lower oil prices, put additional downward pressure on price expectations.

'Contraction unavoidable’ as oil prices fall

EIA expects U.S. crude oil production to average 9.3 million barrels per day (bbl/d) in 2015, up 0.7 million bbl/d from 2014

Crude oil prices extended their slump on the New York market with a Dec. 11 settlement of less than $60/bbl for January, and prices continued downward in early Dec. 12 trading after the International Energy Agency cut its global oil demand growth forecast for 2015.

Rosneft and Essar Agreed on Key Terms of Oil and Oil Products Supplies to Essar Refineries

4% Global Economic Growth Predicted to Boost Oil Price in 2015

The last 48 hours witnessed a frenzy of diplomatic activities by Balkan and Southeastern countries with both Russia and Europe, underlining the importance of this area for the ongoing if relatively silent confrontation between Moscow and Brussels/Berlin.

The head of OPEC said on Sunday the group had no target price for oil, signalling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets.

Oil's slide to the lowest price in more than five years is carving a divide between U.S. shale drillers who heavily hedged future production and those who didn't.

Air strikes by forces loyal to Libya's recognized government on Saturday hit targets near the eastern oil ports of Ras Lanuf and Es-Sider to stop an advance by a rival force, officials said.

Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.