Price plunge seen sparking tensions in 2015

London

THE oil market faces an uncertain outlook in 2015 as tumbling prices resulting from global oversupply stoke geopolitical tensions in key producers of crude, analysts said.

Oil prices have lost around half their value since June, punished by abundant supplies, a stronger US dollar and weak demand in the faltering world economy.

Losses accelerated in late November when the Organization of the Petroleum Exporting Countries (Opec) - which pumps out one-third of the world's oil - decided against cutting its output despite the supply glut.

Prices subsequently hit a ser…