OIL PRICES HARM THE WORLD ECONOMY
The cost of a barrel of oil in excess of $ 50, will hinder the growth of the global economy, said on Tuesday the acting head of OPEC. I think if you exceed the mark of $ 50, followed by retaliatory measures that will affect the growth of the world economy, - said Adnan Shihab-Eldin. We believe that prices should not rise quickly ... to levels that may be harmful to the global economy, - he added.
The price of oil this month exceeded $ 58 per barrel. So far we have been lucky enough: even with prices fluctuating from $ 50 in 2004 and continues to hold at the level of $ 50 (per barrel), the worldwide growth of the economy to cope with it with minimal impact. At the same time, the energy minister of Iraq said Tuesday that the global oil market may be oversaturated with oil.
The market has enough oil, it may be oversupplied, - said Bijan Zanganeh. According to the U.S. government, the supply of black gold in the country, which is the largest consumer of energy, are at a three-year peak, according to Reuters. UAE Minister of Energy at the passing on Trinidad industry conference also said that the oil market is not experiencing supply disruptions. The market is very well supplied. If you need more oil, we will give it - said Mohammed al-Khamili.
Earlier in the meeting between U.S. President Bush and Joji Prince of Saudi Arabia#39;s King Abdullah was announced that the kingdom may, if necessary, to further increase production capacity - up to 15 million barrels per day. Saudi Arabia is the de facto leader of OPEC.
