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| Oil price is risk to economic recovery, says IEA | Oil price is risk to economic recovery, says IEA |
| (about 1 hour later) | |
| The current high price of oil will threaten economic recovery in 2011, according to the International Energy Agency (IEA). | The current high price of oil will threaten economic recovery in 2011, according to the International Energy Agency (IEA). |
| It said oil import costs for countries in the Organisation for Economic Co-operation and Development had risen 30% in the past year to $790bn (£508bn). | It said oil import costs for countries in the Organisation for Economic Co-operation and Development had risen 30% in the past year to $790bn (£508bn). |
| The agency says this is equal to a loss of income of 0.5% of OECD gross domestic product (GDP). | The agency says this is equal to a loss of income of 0.5% of OECD gross domestic product (GDP). |
| The IEA's chief economist said oil was a key import of any developed country. | The IEA's chief economist said oil was a key import of any developed country. |
| In an interview with the BBC World Service, Fatih Birol warned about the current high price of oil: "There is definitely a risk of major negative implications for the global economy." | In an interview with the BBC World Service, Fatih Birol warned about the current high price of oil: "There is definitely a risk of major negative implications for the global economy." |
| He explained that the oil price was central to both national and personal budgets. | He explained that the oil price was central to both national and personal budgets. |
| "If the oil price goes much higher, it affects everything from the trade balance to household spending." | "If the oil price goes much higher, it affects everything from the trade balance to household spending." |
| He added that that meant pressure on household budgets and higher inflation. | He added that that meant pressure on household budgets and higher inflation. |
| The IEA was established in the 1970s as the West's energy watchdog to counter the growing influence of the Organization of the Petroleum Exporting Countries (Opec). | The IEA was established in the 1970s as the West's energy watchdog to counter the growing influence of the Organization of the Petroleum Exporting Countries (Opec). |
| The agency's latest look at the prospects for 2011 was a month ago, when it forecast a pick up in global demand. | The agency's latest look at the prospects for 2011 was a month ago, when it forecast a pick up in global demand. |
| The price of US light oil rose to a 27-month high earlier this week, but has since fallen back to $88.98 a barrel, with Brent Crude at $93.15. | |
| Opec members have been unconcerned by higher recent oil prices and have not shown an inclination to change export quotas. | Opec members have been unconcerned by higher recent oil prices and have not shown an inclination to change export quotas. |
| While higher oil prices bring in more money to oil exporting countries, making life too difficult for its customers can backfire. | While higher oil prices bring in more money to oil exporting countries, making life too difficult for its customers can backfire. |
| Mr Birol told the Financial Times newspaper: "Oil exporters need clients with healthy economies but these high prices will sooner or later make the economies sick, which would mean the need for importing oil will be less." | Mr Birol told the Financial Times newspaper: "Oil exporters need clients with healthy economies but these high prices will sooner or later make the economies sick, which would mean the need for importing oil will be less." |