Oil is in the middle of one of its steepest selloffs since the financial crisis, with prices on the international market falling 18% since mid-June, to $94 a barrel on Sep 30. There are two explanations -- not enough demand or too much supply. According to the International Energy Agency, in 2014 world demand for oil will grow only 1.5%. But the bigger factor appears to be surging global oil production, which outpaced demand last year and is shaping up to do so again in 2014. Cheaper oil, though, means different things for different parts of the world. In Europe, where policymakers are struggling with deflation, lower oil prices will only make the European Central Bank's challenge harder as it loosens monetary policy to try to raise consumer prices.