September 11, 2013

IEA’s Birol Says Oil Prices Still Too High for Economic Recovery

From Bloomberg:

“Oil prices are still very high for the fragile economic recovery. It’s high for Europe and also too high for developing Asian countries. It is more than welcome that prices are going down a bit” and providing room for an economic recovery.

“We need to see the economy grow strong in the next quarter to come, otherwise, together with Europe, several Asian countries including China will face difficulties.”

“Oil demand growth is mainly driven by Asia, about two thirds of the global oil demand is coming from Asia. China is leading, followed by India and other Asean countries, mainly driven by increasing car ownership levels in the region.”