In early October, the International Energy Agency (IEA) reduced its forecast for global oil demand on slower economic growth projections from the International Monetary Fund (IMF). The IEA cut 100,000 barrels per day from its revised 2013 demand outlook and is now projecting 90.5 million barrels per day in 2013, a 0.8% increase over 2012 demand of 89.7 million barrels per day.

Hart Energy’s global GDP forecast is similar to the IMF’s outlook. Our forecast calls for 3.1% growth versus 3.3% for the IMF. Yet, our methodology for calculating GDP ...