NEW YORK (TheStreet) -- Shares of Whiting Petroleum (WLL) are sinking, down 5.54% to $31.69 in late morning trading Wednesday, as oil prices continue to fall after the Organization of Petroleum Exporting Countries lowered its projection for global demand for its oil in 2015.
The organization cut its forecast to the lowest in 12 years as U.S. shale supplies continue to surge amid reduced estimates for global consumption, Bloomberg reports.
OPEC now expects 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, the Wall Street Journal reports.
Must Read: Warren Buffett's 25 Favorite Stocks
Brent crude prices are down by 2.48% to $65.18 per barrel, prices have not been lower than $65 since September 2009, Bloomberg noted.
OPEC has also recently announced that it would maintain its oil production target of 30 million barrels a day, which pushed oil prices further down.
Separately, TheStreet Ratings team rates WHITING PETROLEUM CORP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WHITING PETROLEUM CORP (WLL) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."