The world could see a gradual easing of oil prices over the next five years due to sluggish economic growth and increasing energy efficiency as production rises steeply in Iraq and north America, the West's energy watchdog said on Friday.
The International Energy Agency, which advises industrialised nations on energy policy, cut its global oil demand growth projection for 2011-2016 by 500,000 barrels per day (bpd) compared to its previous report in December 2011.
As a result, the pressure on OPEC to produce more oil will ease dramatically and the cartel will have to produce no more than 31 million bpd until 2017 to balance global demand – less than it produces at the moment.
The volatile situation in the region will ironically help Lebanon’s maritime transport sector to grow even further, the public works and transportation minister said on Thursday at the fourth annual conference of the Shipping Brokers Association.
“The regrettable situation in the region continues to present an opportunity that Lebanon can benefit from,” Ghazi Aridi said in opening remarks.
“We are keeping all communications channels open on all levels and are taking precautionary measures to protect [the maritime transportation sector],” he added.
Iraq is considering replacing ExxonMobil with Russian companies at the supergiant West Qurna-1 oilfield, after the U.S. major angered Baghdad by venturing into Kurdistan, according to a media report citing industry sources.
The northern Kurdish region has riled Baghdad by signing deals with foreign oil majors, such as Exxon, Total and Chevron, contracts the central government rejects as illegal.
Nefte Compass, a weekly energy newsletter about the FSU and Eastern Europe, said on Thursday that Iraq is weighing whether to replace Exxon with Russia's LUKOIL and Gazprom Neft – both already involved in the country.
Record sales for BMW and Mini have been achieved across the Middle East for the first nine months of the year with a total of 15,805 vehicles sold in 14 markets, up 15 percent.
The German car maker said it also saw its best quarter ever (July-September) and achieved its highest sales volume in a single month, with 1,981 vehicles delivered across the Middle East in August.
It said it witnessed gains in almost all GCC markets with most importers recording double digit growth.
