PARIS, July 12: Oil prices are unlikely to fall much further over the balance of this year but could come under pressure in 2013 as the global economy falters due to slower US and Chinese growth, the IEA said on Thursday.

The International Energy Agency, which advises developed countries on energy policy, said supply risks appeared to have put a floor under prices for this year even as global economic growth slows.

But for 2013, oil prices could fall in real terms by more than 7.0pc, based on current models and futures contracts, it said, adding that such a downturn should marginally support demand.

Global economic growth this year will likely come in at 3.3pc, down from the previous estimate of 3.5 per cent as an “exceptionally challenging macroeconomic backdrop” forced the IEA to change its forecasts. For 2013, the global economy should grow 3.8 per cent, down from the previous 4.1pc estimate based on figures in April from the International Monetary Fund, it added.

“Concerns are mounting on the sustainability of the eurozone,” IEA said.—AFP