Global oil prices seen easing in 2005

Global oil prices should retreat in 2005, barring big political shocks, after surging 32 percent this year, the International Energy Agency’s chief economist Fatih Birol told Reuters in an interview.

“We think, in general, demand will grow a little less in 2005. We think supply will increase in a positive way. If there is no significant geo-political event, we can say oil prices will find more moderate levels in 2005,” Birol said late on Wednesday.