Lower oil demand in 2016

December 21, 2015 - The International Energy Agency warns that global oil markets will remain oversupplied through 2016 if OPEC producers fail to impose a ceiling on output. Crude oil prices have plunged to their lowest level since 2004.

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Oil has lost 39 percent in the past year as OPEC maintains output to defend market share against higher-cost producers amid a global glut.