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INTERVIEW - IEA says oil prices strangling recovery
November 15, 2010 / 10:28 AM / 7 years ago

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.

A motorist prepares to put fuel into her car at a petrol station in Melbourne July 3, 2008. REUTERS/Mick Tsikas/Files

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

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