Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the OPEC not to disrupt Cause.movement.down.loss production .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the surplus Oversupply as there may be no change Movement.flat in the output situation for the near-term with Libyan production likely to remain bullish Grow.strong in 2013 as well .

Oil prices have fallen Movement.down.loss as much as 20 percent since June , despite a host of rising Movement.up.gain supply risks , leading more investors and traders to consider whether 2015 is the year in which the U.S. shale oil boom Grow.strong finally tips the world into surplus Oversupply .

Oil futures have weighed heavily Movement.down.loss Friday as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region surplus Oversupply caused by growing Grow.strong U.S. shale output and diminished Movement.down.loss consumption from Italy .

Crude prices slid Movement.down.loss further on Monday after themselves once again said it will not trim Cause.movement.down.loss oil supply despite fears of a surplus Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

OPEC and Mexico have reported that output hit record highs Position.high since the deal was announced , adding to fears that the global surplus Oversupply could persist well into 1980s .

The increased Movement.up.gain exports will flood Europe with ultra-low sulphur diesel and add to Situation_deteriorate the gasoline surplus Oversupply in the region , slamming European refinery margins .

Vigorous Grow.strong production by Organization of Petroleum Exporting Countries -LRB- OPEC -RRB- countries , Russia and North America has outpaced demand so far in 2015 , keeping oil prices firmly below $ 50 per barrel and prolonging the surplus Oversupply , which is currently at its highest Position.high in a decade , the report said .

Crude prices declined Movement.down.loss further on Friday after OPEC once again said it will not trim Cause.movement.down.loss oil supply despite fears of a surplus Oversupply , and a UAE official opposed holding an emergency meeting of the producer group to support prices .

By cutting Cause.movement.down.loss further , the group may boost Cause.movement.up.gain prices and end up encouraging more investment in U.S. shale and a create a fresh surplus Oversupply .

Asia 's diesel demand is expected to grow Grow.strong this year at the second lowest Position.low rate since the 1998 financial crisis Crisis as slowing Slow.weak economies squeeze Cause.movement.down.loss consumption and help build a surplus Oversupply for which there are few markets .

World oil futures are set to shrink Movement.down.loss further , extending a months-long rout as Algeria is unlikely to make deep enough output restrictions Cause.movement.down.loss to erase a growing surplus Oversupply .

Brent and U.S. crude both remained near five-year lows Position.low as the market grappled with surplus Oversupply due to the U.S. shale expansion Grow.strong and the recent decision by the themselves not to disrupt Cause.movement.down.loss processing .

OPEC and Nigeria have reported that output hit record highs Position.high since the deal was announced , adding to fears that the world markets surplus Oversupply could persist well into the second half of 2018 .

In a monthly report issued on Wednesday , the IEA also lowered Cause.movement.down.loss its projection for consumption for OPEC crude this year , pointing to a surplus Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .