IEA economist says Saudi oil output rise "welcome"

Mon Dec 12, 2011 12:56am GMT
 

CANBERRA Dec 12 (Reuters) - The International Energy Agency (IEA) on Monday said a boost in Saudi oil production would provide "welcome" relief to rising oil prices, warning continuing price hilkes threatened to thwart global economic recovery efforts.

"OECD stock levels are at historically low levels, plus we are in a very fragile economic recovery situation," IEA chief economist Fatih Birol told a seminar.

"And the higher prices than we have now can strangle economic recovery efforts worldwide, therefore the Saudi production boost currently and in the future will be very welcome," he told a seminar.

A senior Saudi oil official told Reuters last week the kingdom produced 10.047 million barrels per day (bpd) of crude oil excluding condensate in November, the highest rate for decades. (Reporting by Rob Taylor; Editing by Ed Davies)

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