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IEA’s Birol Says Oil Prices Still Too High for Economic Recovery

Fatih Birol, the International Energy Agency’s chief economist, comments on price of oil. He spoke in an interview today in the Chinese city of Dalian, where he’s attending the World Economic Forum’s Annual Meeting of the New Champions.

“Oil prices are still very high for the fragile economic recovery. It’s high for Europe and also too high for developing Asian countries. It is more than welcome that prices are going down a bit” and providing room for an economic recovery.

“We need to see the economy grow strong in the next quarter to come, otherwise, together with Europe, several Asian countries including China will face difficulties.”

“Oil demand growth is mainly driven by Asia, about two thirds of the global oil demand is coming from Asia. China is leading, followed by India and other Asean countries, mainly driven by increasing car ownership levels in the region.”

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