13 April 2010

Oil above $80/bbl may hamper recovery

The International Energy Agency is warning that oil prices above US$80 a barrel may jeopardise economic recovery in major countries.

From the Globe and Mail:

“Ultimately, things might turn messy for producers if $80-100 (per barrel) is merely seen as the new $60-80 (per barrel), stunting economic recovery while prompting resurgent non-oil and non-OPEC supply investment,” the Paris-based IEA said in its monthly oil market report.