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Economy
In reply to the discussion: STOCK MARKET WATCH, Wednesday, December 14, 2011 [View all]xchrom
(108,903 posts)23. IEA warns high oil prices threaten global economy
http://hosted.ap.org/dynamic/stories/A/AS_IEA_OIL_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-12-14-07-17-44
SINGAPORE (AP) -- High oil prices threaten to worsen a global economic slowdown and crude producers should consider boosting output, the chief economist for the International Energy Agency said Wednesday.
"The current high oil prices have the potential to strangle the economic recovery in many countries," Fatih Birol said in a speech Wednesday in Singapore. "I hope that high oil prices don't slow down Chinese economic growth and the negative effect that would have on the global recovery."
Crude has jumped to $100 a barrel from $75 in October amid signs the U.S. economy will likely avoid a recession. Most economists expect global economic growth to slow next year as Europe's debt crisis threatens to drag the continent into recession.
Birol suggested crude producers should boost output amid growing demand in developing countries and falling inventories in wealthy nations.
SINGAPORE (AP) -- High oil prices threaten to worsen a global economic slowdown and crude producers should consider boosting output, the chief economist for the International Energy Agency said Wednesday.
"The current high oil prices have the potential to strangle the economic recovery in many countries," Fatih Birol said in a speech Wednesday in Singapore. "I hope that high oil prices don't slow down Chinese economic growth and the negative effect that would have on the global recovery."
Crude has jumped to $100 a barrel from $75 in October amid signs the U.S. economy will likely avoid a recession. Most economists expect global economic growth to slow next year as Europe's debt crisis threatens to drag the continent into recession.
Birol suggested crude producers should boost output amid growing demand in developing countries and falling inventories in wealthy nations.
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