LONDON, Dec. 5 -- The International Energy Agency cut its projection for growth in worldwide oil consumption by 33 percent Friday.
The IEA had previously said oil consumption would grow about 1.5 million barrels a day from 2008-13. Friday, it scaled back the forecast to 1 million barrels a day through the same period, the Financial Times reported.
"For the first time since 1945 most (Organization for Economic Co-operation and Development) countries are expected to face a severe economic recession in 2009," the IEA said in a Medium-Term Oil Market Report. "By the same token, emerging economies are bound to slow down, even if managing to maintain positive growth rates."
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New Delhi, Dec. 9 : The Union Government has given the signal to the state-run oil company, Oil and Natural Gas Corporation(Videsh) Limited (ONGC) to make a formal offer for acquiring 100 per cent equity in the UK-listed Imperial Energy.
The government has finally slashed the prices of petrol and diesel by Rs 5 and Rs 2 a liter, respectively. Revised prices would be effective from midnight. The step would help to control the inflation rate and increase demand in the economic system. However, the margin of oil marketing companies would decline just as it was starting to improve due to the decline in crude prices in the international market. OMC are likely to suffer a revenue loss of Rs.6,000 crore in the current fiscal due to the recent price revision. 
