IEA trims 2013 oil demand outlook

Based on weaker economic growth assumptions, the International Energy Agency has reduced its outlook for 2013 worldwide oil demand by 150,000 b/d from its month-ago forecast. Oil demand growth now is pegged at 870,000 b/d in 2012 and 830,000 b/d in 2013, according to the Paris-based agency’s latest oil market report. Oil demand among the countries of the Organization for Economic Cooperation and Development, which now includes Chile, Israel, Slovenia, and Estonia, is forecast to average 46.1 million b/d this year and then decline to 45.8 million b/d in 2013 due to demand decreases in Europe and Asia. Non-OECD demand will average 43.5 million b/d this year and 44.7 million b/d next year, I...

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