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Rising Oil Prices a Threat to Global Recovery, Says International Energy Agency

Finance World News Update by EQUITIES Magazine

Beverly Hills 11/12/2009 05:00 PM GMT (TransWorldNews)

Today, the International Energy Agency said that rising oil prices might threaten a modest increase in crude demand and, in turn, the recovery of the global economy.

In July 2008, oil prices reached a record high of $147 a barrel, helping fuel the recession. According to IEA estimates, global oil demand will average 84.8 million barrels a day in 2009.

"The recent price spike, if further extended, risks derailing the recovery," the IEA said. "Not only that, but oil demand itself would rebound much more slowly were the price rally sustained into 2010."

Saudi Arabia, China and the United States, leaders in worldwide oil consumption, are named by the IEA as forerunners in the expected rise in oil demand.

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