INTERVIEW - IEA says oil prices strangling recovery
OSLO (Reuters) - High oil prices are hindering economic recovery and it would not be in the interest of the oil-producing OPEC states to see oil above $90 per barrel, the chief economist of the International Energy Agency (IEA) said.
Asked if the current price of oil was starting to damage the economy, IEA chief economist Fatih Birol told Reuters on Monday: "At these high level of prices, it would definitely be a problem for economic recovery. This may well strangle the economic recovery of many... countries."
Oil prices were above $85 a barrel on Monday.
Asked if he though OPEC would change supply if oil prices topped $90, Birol said: "I think if it goes above $90 it is not a good thing for OPEC countries as well."
(Writing by Wojciech Moskwa)
- Tweet this
- Share this
- Digg this
- Nine reasons why India's WTO veto shocked the world
- India says WTO deal not dead, can sign in Sept if concerns addressed
- Rupee posts biggest weekly loss since record lows in August
- Gaza truce over, Israel soldier captured, 70 dead in Rafah shelling
- Doubts surface about Modi after trade deal scuppered
Prime Minister Narendra Modi came to office with a reputation as a business-friendly leader ready to open up one of the world's biggest markets and sweep away the remnants of the country's socialist past. Full Article