The pain for OPEC oil producers is set to get worse.
http://money.cnn.com/2014/12/10/news/economy/opec-cuts-demand-forecast/index.html?iid=HP_LN
December 10, 2014
... on Wednesday, OPEC cut its forecast for 2015 world demand growth by 6%. It blamed slowing consumption in western Europe, Asia and Latin America....
What makes matters worse for countries such as Iran and Venezuela is that OPEC expects its members will continue losing market share to the U.S.
It expects demand for OPEC crude oil to fall by 400,000 barrels per day in 2015.
“This downward revision reflects the upward adjustment of non-OPEC supply as well as the downward revision in global demand,” it said....
Just how much more pain OPEC can take is unclear. Iran warned Tuesday that prices could fall to $40 a barrel if the cartel wasn’t more disciplined.
“Any break in OPEC solidarity or price war will lead to an enormous price dive shock,” Mohammad Sadegh Memarian, head of petroleum market analysis at the Oil Ministry...
I seriously doubt the demand for oil is decreasing worldwide, and I certainly wouldn’t use socialist Europe as a yardstick for world consumption.