Middle East Economic Survey

VOL. XLVIII

No 27

4-July-2005

IEAs Mandil Underlines Threat To Global Economy From High Oil Prices

The risk to the global economy from present high oil prices around the $60/B level is significant, according to a statement issued on 29 June by IEA Executive Director Claude Mandil. The IEA and the IMF rang the alarm bell a year ago and the message was largely ignored due to continued robust growth in the US and in China. Today, everybody recognizes that the risk for the...