1) Brent crude oil prices averaged $38/barrel in December 2015, the lowest monthly average since June 2004, and averaged $52/barrel for the year, down $47 from 2014.
2) The report forecasts Brent prices to average $40/barrel in 2016 and $50/barrel in 2017, with WTI prices $2-3/barrel lower.
3) Global oil inventories increased by an estimated 1.9 million barrels per day in 2015 and are forecast to rise by 0.7 million barrels per day in 2016, contributing to low oil prices.