This is an excellent study for developing your fingerpicking speed. This Spanish Study is not too difficult to play slowly - especially the first half. However, the difficulty rating is down to the fast speed intended (you can hear in the normal speed audio).
The tune is actually quite simple when you break it down - a bassline in Am played with your thumb, and your 2nd finger constantly hitting the high open E string inbetween bass notes.
This style of playing takes practice to develop speed - especially when the piece moves into triplets towards the end. That means playing 3 notes per beat, instead of two notes (which is the case up to that point).
This piece takes good finger control and the speed will only come as you practice. Your muscles will develop this ability with application. Don't get frustrated - it takes time to get the right muscle memory and development for playing this way at full speed.
However, the skills you will get from being able to play in this fast Spanish style will be very useful. Your overall fingerstyle technique will improve a LOT!
We recommend that you start by using your little finger to steady your fingerpicking hand. Extend it and touch the body of the guitar with the fingertip, just below the strings. Use it as a support. This will keep your other fingers steady, and always at the same distance from the strings. Later, when you have it down you can work on removing your little finger if you wish.