Middle East Economic Survey

VOL. LII

No 22

1-Jun-2009

Crude Prices Played Role In Economic Downturn, Says IEA

The run-up in oil prices in the period 2003 to mid-2008 arguably played an important, albeit secondary, role in the sudden, sharp and synchronized economic downturn that took hold in 2008, the International Energy Agency (IEA) said in the report The Impact of the Financial and Economic Crisis on Global Energy Investment, released on 24-25 May during the G8 Energy Ministers meeting in...