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2014 oil demand growth projections weakest since 2009

Oil demand is forecast to increase at its slowest pace in five years, according to the International Energy Agency (IEA).

Oil prices continue to plummet amid reports of a slowing demand, the Wall Street Journal reports.

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The energy agency cut its projections for how much oil demand growth it expects in 2014 by 200,000 barrels a day, bringing the total down to 700,000 barrels a day.

In 2015 demand is still expected to be greater than 2014 levels, increasing by 1.1 million barrels a day.

The Organization of Petroleum Exporting Countries (OPEC) has not curtailed its output, sending prices lowers. Growing tensions within OPEC may kill any chance of an agreement to cut production when the group meets next month.

Prices are expected to fall further in other regions before producers decide to slow output, IEA said.