Fast pace of oil price growth may lead to global recession

Rapid oil price growth may lead to global recession, International Energy Association estimates. Agency’s Director Nobuo Tanaka confirmed this fear in a declaration at the International Energy Forum at Rome.

Tanaka warned that the negative economic impact of a rapid oil price growth will be felt mostly by emerging economies or under-developped ones. Tanaka rejected the idea that the oil price might rise just because the dollar decreases.

He said that the oil price grows due to the current economic context, as global financial markets are in crisis. Oil price has been reporting repeated new record prices for the past weeks.