- Category: Economic
- Published Friday, December 11, 2015
- CTV News
PARIS - The price of oil is falling further after the International Energy Agency forecast a decline in demand.
The IEA said in a monthly report that growth in demand for oil will ease next year to 1.2 million barrels per day, from 1.8 million barrels a day this year.
Production is increasing, further weighing on prices, largely due to OPEC countries. Several of the oil cartel's members, notably Iran and Iraq, are looking to boost output as they emerge from sanctions and conflicts.
The IEA expects oversupply to continue at least until late next year, suggesting prices will struggle to recover.