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News Breaks | | | | February 13, 2013 | | 08:16 EDT |  | BP, XOM, CVX, RDS.A | IEA lowers world oil demand forecast for 2013, Economic Times reports
The International Energy Agency reduced its world oil demand forecast for 2013, based on continuing fragility in the world economy despite recovery signs in China and the U.S., reports the Economic Times. The IEA said the marginal cut of 85,000 barrels a day was in line with the prospect for slower economic growth forecast by the IMF, which cut its world growth estimate for 2013 to 3.5% from 3.6%. The agency's forecast for oil demand is 90.7M barrels per day, with the euro zone and Latin America accounting for much of the revisions. Reference Link | |
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