IEA cuts 2014 oil demand outlook on weaker than expected growth

PARIS, July 12 (AFP) : The International Energy Agency on Friday cut its forecast for 2014 oil demand to 92.7 million barrels a day due to weaker than expected global economic growth.

The revised forecast shows a drop of 130,000 barrels a day from the IEA's prediction a month ago.

It reflects the "growing realisation that macroeconomic conditions, although still likely to strengthen in the second half of the year, will probably now do so at a less dramatic pace than previously forecast".