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. More from Arabian Business 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
