The International Energy Agency says oil prices may fall further this year due to low demand, warm winter weather and an oversupply of crude.
The organization advises countries on energy policy. It said in its monthly report Tuesday that excess global supply may reach 1.5 million barrels per day during the first half of the year.
U.S. crude prices have fallen about 20 percent since the beginning of the year, AP reported. Many oil companies, including Chevron and BP, have cut jobs and reduced spending to save money.
The IEA noted mild temperatures at the outset of winter in the U.S., Japan and Europe lowered demand for oil. More crude from Iran could boost global supplies further.
