Nobuo Tanaka, executive director of the International Energy Agency, noted a clear contrast of view between the energy and financial sectors when at the Davos economic forum recently. The energy industry attendees were much more optimistic while the financial sector is “almost totally pessimistic.” So the energy business must continue to focus on investment, to keep pushing forward.
Tanaka also talked to Reuters earlier in the day when he said:
“It’s very likely that our demand forecast in 2009 may be revised downwards again,” Tanaka told reporters on the sidelines of the CERA Week energy conference in Houston.
Tanaka told Reuters he expected to discuss the situation in the oil market with Saudi Arabian Oil Minister Ali Naimi, who speaks tonight at the conference.
The IEA, which groups the major industrial oil importing nations, currently expects global oil demand to start growing again in 2010, he said.