Rising oil price 'could hamper economic recovery'
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15 October, 09 Steadily rising oil prices may hamper the global economic recovery, as well as drive up diesel prices, the International Energy Agency (IEA) has warned. The price of oil recently hit its highest level of the year of more than $75 (£46) per barrel. IEA executive director Nobuo Tanaka explained to news agency Reuters that increasing prices could be exacerbated by a shortfall in supply as demand for oil increases worldwide. He added that the recession had meant that investment in a number of oil exploration and production projects had been withdrawn, resulting in the programmes being delayed or even cancelled. Mr Tanaka's comments come after the IEA announced revised predictions for 2010 in which it said demand for oil would increase to 86.1 million barrels per day. It also estimated that over the course of 2009, production would average at 84.6 million barrels a day, an increase of 200,000 from its original expectations.  |
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