By: Reuters
The International Energy Agency will "substantially" downgrade its long-term oil demand forecast in its annual energy outlook next week, the second cut in a row, the Wall Street Journal reported on Wednesday.Efforts to better manage expanding oil demand in the developed world have been more effective than first expected, the paper quoted a person familiar with the report as saying. It did not give any estimates on how deep the cut might be.
While the IEA's outlook is unlikely to affect the prevailing short-term view that the global economy's recovery from recession is reviving oil use, it is an important gauge for oil companies considering whether to build refineries or drill new wells. The IEA and other analysts have repeatedly warned that a failure to make sufficient nvestments now could lead to another supply crunch in the next decade, particularly as economic growth in energy-intensive developing nations revives, but some are also growing increasingly bearish on the outlook for demand.
http://www.cnbc.com/id/33613707
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