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The International Energy Administration (IEA) said on Thursday that if unrest in Africa and Gulf continue, Brent crude oil could spike above its all-time high of $147/bbl very easily and this would ultimately put furt..

10 Nov 2011

NEW YORK (Commodity Online): The International Energy Administration (IEA) said on Thursday that if unrest in Africa and Gulf continue, Brent crude oil could spike above its all-time high of $147/bbl very easily and this would ultimately put further strain on global economy.

"In 2011, $102 is the average price through to today which means the global economic recovery is at risk. We are in the danger zone for the global economy at current levels. There is a possibility that production growth from the (Middle East and North Africa, MENA) region may not be what the consumers would like to see. This would be a pity for the global economy, a pity for the oil sector and a pity for those governments”, IEA economist Fatih Birol spoke to reporters in a news conference.

OPEC has been adamant in not releasing more oil into the market. However, with IEA report clearly stating that high oil prices are damaging the economy, OPEC may face pressure from its consumers to release more oil. The next OPEC meeting is due in December.


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