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The global oil demand projection for 2013 has been decreased by the International Energy Agency because of the ongoing fragility of the world economy in the face of recovery signals in China and the United States, says the Economic Times. According to the Agency, the marginal cut of 85,000 barrels a day was appropriate with the prospect for slower economic growth forecast by the IMF, which lowered its world growth estimate for this year from 3.6 to 3.5 percent. The Agency’s new forecast for oil demand stands at 90.7 million barrels per day, with the Euro zone and Latin America accounting for the majority of the revisions.


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