Singapore, 4 November 2009 

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. 

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Thomson Reuters