Oil prices risk pushing world back into recession -IEA economist

Fri Sep 14, 2012 3:58pm GMT
 

PARIS, Sept 14 (Reuters) - Current oil prices risk pushing back the global economy into recession, the International Energy Agency's chief economist said after U.S. crude rose above $100 a barrel on Friday, its highest level in four months.

"I see the prices today, in this economic context, as unbearable for consumers," Fatih Birol told Reuters by telephone. "High prices together with other factors could push the global economy back into recession," he added.

The two most vulnerable regions to high oil prices are Europe and China, he said.

Birol declined to say whether the latest price rises could prompt the IEA to carry out an emergency release of oil stocks but said the agency was monitoring markets very closely.

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