Drumbeat: November 4, 2009
Posted by Leanan on November 4, 2009 - 10:00am
Topic: Miscellaneous

World Need for Oil Expected to Ease: International Energy Agency Says Conservation Efforts Will Trump Any Global Economic Recovery

The International Energy Agency next week will make a "substantial" downward revision to its long-term forecast for global oil demand, a person familiar with the matter said, marking the second year running the group has slashed its view of the world's thirst for oil.
The forecast of slower growth in oil demand puts the IEA increasingly in a camp of contrarians bucking the popular view that crude demand will grow briskly in a postrecession world. That view holds that long-term demand will grow at a fast clip because of rising emerging-market wealth and consumption in places like China and India.

...A person familiar with the Paris-based IEA's plans said "demand-management policies" are having more impact than previously expected in the developed world, which accounts for about 55% of world oil consumption. The IEA outlook, a guidepost for industry trends, is scheduled to be released Nov. 10.