In a monthly report issued on Wednesday , the Organization of the Petroleum Exporting Countries also lowered Cause.movement.down.loss its forecast for consumption for OPEC crude 2014 , pointing to a glut in supply Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .

Oil futures have sunk Movement.down.loss this year as the OPEC opted to hold Movement.flat the same level of output despite a global glut in supply Oversupply caused by growing Grow.strong U.S. shale output and bad Slow.weak demand growth from India .

World oil prices are set to fall Movement.down.loss further , extending a months-long rout as Iraq is unlikely to make deep enough output caps Cause.movement.down.loss to erase a growing glut in supply Oversupply .

Oil prices have dropped Movement.down.loss last week as the OPEC opted to hold Movement.flat the same level of output despite a world markets glut in supply Oversupply caused by rising tide Grow.strong U.S. shale output and diminished Movement.down.loss use from China .

Post-recession bounces in Europe and strong Grow.strong demand in India pushed global oil demand to a five-year high Position.high in the third quarter of 2015 , but a glut in supply Oversupply resulting from a shale oil boom Grow.strong and OPEC cartel politics has already weighed heavily Movement.down.loss on oil prices , according to CNBC .

Forecasts for a glut in supply Oversupply in West African and European markets help to push the Brent benchmark down Movement.down.loss more than 20 % last month , despite geopolitical war Geopolitical.tension in Russia , Yemen and Ukraine .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with glut in supply Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the other major producers not to trim Cause.movement.down.loss processing .