A 50% drop in the price of oil has been accompanied by reduced demand
"Few would have expected such a sudden price collapse"
"The price of oil continued to collapse into January as rising supplies collided with weak demand growth"
"Macroeconomic weakness continues to restrain global oil demand growth"
"The most tangible price effects are on the supply front. Upstream spending plans have been the first casualty of the market's rout. Companies have been taking an axe to their budgets, postponing or cancelling new projects"
2009 Deja Vu
"The latest Short-Term Energy Outlook (STEO) forecasts OECD inventories to end January 2015 161 million barrels over last year, similar to the build experienced during the first quarter of 2009, when inventory builds reflected lower demand driven by a major decline in global economic activity."
