April 6 2011 Oil rise has not hit recovery, says Iraq
The latest rise in oil prices has not damaged the global economic recovery or restrained consumer demand, according to Iraq’s deputy prime minister.
Hussain al-Shahristani, who oversees his country’s energy policy, gave a sanguine appraisal of the oil market while addressing a conference in Paris on Wednesday Along with Mohammed al-Hamli, the oil minister of the United Arab Emirates, he indicated that members of Opec, the oil cartel, saw no need to respond to the latest price rise by increasing their own output.
The cost of a barrel of Brent crude climbed above $123 on Wednesday, marking a rise of 4.52 per cent for the most important benchmark since the beginning of March. But Mr Shahristani said: “So far, we have not seen any serious impact on world growth.
China is growing strongly, the demand is there, even at these price levels.” His view contrasts with the International Energy Agency’s assessment that oil prices above $95 place the world economy in a “danger zone”.
Iraqi output averaged 2.75 m barrels per day in February, according to the Centre for Global Energy Studies, making the country the third-biggest producer in Opec.
read full article @ http://www.ft.com/cms/s/0/67ea0974-6075-11e0-9fcb-00144feab49a.html#axzz1IheIX6hA
The latest rise in oil prices has not damaged the global economic recovery or restrained consumer demand, according to Iraq’s deputy prime minister.
Hussain al-Shahristani, who oversees his country’s energy policy, gave a sanguine appraisal of the oil market while addressing a conference in Paris on Wednesday Along with Mohammed al-Hamli, the oil minister of the United Arab Emirates, he indicated that members of Opec, the oil cartel, saw no need to respond to the latest price rise by increasing their own output.
The cost of a barrel of Brent crude climbed above $123 on Wednesday, marking a rise of 4.52 per cent for the most important benchmark since the beginning of March. But Mr Shahristani said: “So far, we have not seen any serious impact on world growth.
China is growing strongly, the demand is there, even at these price levels.” His view contrasts with the International Energy Agency’s assessment that oil prices above $95 place the world economy in a “danger zone”.
Iraqi output averaged 2.75 m barrels per day in February, according to the Centre for Global Energy Studies, making the country the third-biggest producer in Opec.
read full article @ http://www.ft.com/cms/s/0/67ea0974-6075-11e0-9fcb-00144feab49a.html#axzz1IheIX6hA
