China Oil Demand Forecast Revised Lower

The International Energy Agency on Friday lowered its forecast for Chinese oil demand by 300,000 barrels a day in 2012 and 400,000 barrels a day in 2013 on anticipation of a weaker Chinese economy.

The Paris-based energy watchdog forecasts that China's gross domestic product will grow 8.0% in 2012 and 8.1% in 2013, down from previous forecasts of 8.2% and 8.5%, respectively. (sinopecweekly.com, Edited by Topco)