The group cited surging supply and stress in the global economy.
The energy price shock was felt through global markets.
The price of WTI crude fell for the 10th consecutive session, the longest streak of declines since 1984.
“It is mostly a fundamentals-driven market, but the icing on the cake is the worry about Iran."
U.S. shale drilling is seen as a major culprit in the oversupply.
The price of the benchmark crude dropped to the lowest level since OPEC countries agreed to cut output by 1.8 million bpd in the first half of 2017.
This year will be the second in a row — and only the second in history — in which airlines will make an aggregate return in excess of their cost of capital.
The oil markets could be left with a surplus of 1.5 million barrels a day in the first half of 2016, says the IEA.
Moody's lowers its price assumptions for next year for crude oil benchmarks.
With demand from China slowing and a supply glut continuing, prospects of a price rebound in the second half of 2015 have "evaporated."
Low prices and large inventories are not stopping OPEC from adding to the glut of crude oil.
Robust U.S. oil production and other factors are causing crude inventories to soar, setting the stage for another drop in oil prices.
