Global oil demand in 2008 will total 87.6 million barrels per day, about 200,000 barrels less than an initial 2008 estimate, due to slowing global economic growth, the International Energy Agency announced Wednesday.

The IEA said demand for transportation fuels in the eastern U.S. and other developed nations is slowing. However, the IEA added that projections for robust economic growth in China and the Middle East will continue to help support oil prices in 2008.

Oil fell 42 cents to $92.36 per barrel in mid-day Wednesday trading.

"Weaker projections for global economic growth are offset by low stocks, forecast cold weather in the U.S. and parts of Asia, supply disruptions (Nigeria/North Sea) and concern about Venezuelan supplies. Products have underperformed crude, leading to weak refining margins," the IEA stated.

Concerning top picks for 2008, those assertive investors who can tolerate moderate/high risk should consider Transocean (NYSE: RIG). Transocean is favored here because it fits the investment theme of well-capitalized, experienced companies with long-term global trends in the company's favor. Transocean offers deepwater drilling services in the world's major offshore oil-producing regions, including Africa, Asia, Brazil, Canada, India, Middle East, Gulf of Mexico, and the North Sea -- and demand for drilling services is unlikely to decline in the immediate years ahead. Sell / Stop Loss if you were to purchase shares in this company: $84.

For those in need of a safer, large-cap play, consider Boeing (NYSE: BA), which boasts a solid commercial airline order book. Boeing is expected to win its global aviation battle with European rival Airbus, and in the process, transform flight as the 21st century progresses. Boeing's ace in the ongoing battle? The 787 Dreamliner, a super-efficient aircraft that will give airlines the profit margins they need and passengers the creature comforts/amenities they require in the digital age. Sell / Stop Loss if you were to purchase shares in this company: $58.

DISCLOSURE: Joseph Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.