• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Oil price falls further on IEA energy forecast

13/12/2014
Reading Time: 2 mins read
0
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

The price of oil has fallen further after the International Energy Agency forecast weaker demand in 2015.

The IEA, a consultancy to 29 countries, said supply and demand would take “some time” to respond to sharp falls in oil prices.

It said it was too early to expect low oil prices to start constricting a US supply boom.

On Friday, Brent crude fell to below $63 On Friday, Brent crude fell to below $63 a barrel, its lowest price since July 2009.
The price of Brent fell by $1.83 to $61.85 a barrel, hitting lows last seen in July 2009. Meanwhile, US crude was down $2.14 to $57.81 a barrel, its weakest since May 2009.
‘Price rout’

The IEA cut its forecast for global oil demand growth next year by 230,000 barrels per day to 900,000 barrels per day on the expectation of lower fuel consumption in Russia and other oil-exporting countries.

Oil prices have been in steep decline since June due to slow demand growth and a US shale oil boom which has increased supply.

Prices “continued to plunge in November and into early December”, the IEA said, adding that, “it may well take some time for supply and demand to respond to the price rout”.

The root cause of the fall in prices was “a surge in non‐Opec supply to its highest growth ever and contraction in demand growth to five‐year lows”.

It predicted that non-Opec supply gains would add to a global glut of oil.

The US boom should push non-Opec production to a record 1.9 million barrels per day this year, IEA said, but this figure should fall to 1.3 million barrels per day in 2015.

In Russia, the IEA said lower global oil prices combined with the effect of sanctions and a “collapsing currency” were likely to have an adverse effect on production.

Previous Post

Turf war over Ghana Gas; Botchwey, Energy Ministry clash

Next Post

EU withholds £135m budget support to Ghana over payroll malfeasance

Related Posts

Google for startup for black founders

Google for Startup Black Founders Fund calls for applications

20/05/2022
Google scholarships, ghanatalksbusiness.com

Google announces 30,000 scholarships for aspiring African developers

18/05/2022
aliou cisse: football management, ghanatalksbusiness.com

How you Know a Good Manager, Lessons from football

17/05/2022
AWIEF awards 2022

Nominations open for the Prestigious AWIEF Awards Celebrating Women Entrepreneurs

16/05/2022
Climate change in Africa

Three steps for Africa to combat climate change

16/05/2022
win customers, ghanatalksbusiness.com

Why your Customers are better strategists than Managers

16/05/2022
Next Post

EU withholds £135m budget support to Ghana over payroll malfeasance

EU withholds £135m budget support to Ghana over payroll malfeasance

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2021 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2021 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In