Still, as the oil price decline has continued, investors have increasingly seen it as a bad omen for the global economy. The drop may point to lower demand for oil and lower economic activity. And the decline suggests that policy makers have not managed to deal with the threat of deflation, or falling prices.

It seems absurd that there needs to be speculation here. One would guess that oil consumption is measured not by price, but by volume.

I don't see anything other than an increase in global consumption here.

As the article mentions further on, it seems pretty clear that the Saudi's and some other OPEC members have decided that an increase in price means an increase in competition. I am sure they have competent mathematicians and economists that have decided, in the balance, it's best to pump more for less.

That being the driver, rather than falling demand, it doesn't seem that this is bad for the global economy overall, aside from oil producers, and those that contract for them. Low energy prices could be good for growth.