NEW YORK (TheStreet) -- Shares of Talisman Energy (TLM) are plummeting, down 7.7% to $3.89 in early market trading on Wednesday, as oil prices continue to decline after the Organization of the Petroleum Exporting Countries cut its forecast for global demand for its oil in 2015.
OPEC forecast demand for its oil to decline to 28.9 million barrels a day next year, down from 29.4 million barrels a day in 2014.
Yesterday, the U.S. Energy Information Administration lowered its forecast for international oil consumption in 2015 to 92.32 million barrels a day, lower than its previous estimate of 92.5 million barrels a day.
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Brent crude for January 2015 delivery are lower by 2.54% to $65.14 as of 10:06 a.m. today.
Separately, TheStreet Ratings team rates TALISMAN ENERGY INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate TALISMAN ENERGY INC (TLM) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."