A fall in demand for oil has led to an over-supply that in turn has put downward pressure on the oil price. Some oil exporting countries such as Saudi Arabia are considering cutting production. However, no have actually already done so.
The price of a barrel of Brent Crude (the reference for the European market) now stands at 86 US Dollars. This is down from 115 US Dollars just four months ago. The fall in the oil price is a not only a good thing for consumers, but also for industry.