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Singapore - Oil prices at their current levels could undermine the worldwide economic recovery, the chief economist of the International Energy Agency (IEA) warned on Tuesday.
"My worry is that current oil prices are a major risk for the global economic recovery," Fatih Birol said at a conference.
"I'm very worried that we could see the same movie that we saw in 2008," he said.
Before the onset of the latest recession, oil prices surged to a record $147 per barrel in the summer of 2008, curbing consumer spending and dampening investor confidence.
Birol said the average oil price this year stood at $110, compared with $90 in 2008.
If oil prices remained at current levels through 2011, they could "derail the global economic recovery", Birol said.
He warned that oil prices have entered "a danger zone" and pose inflationary risks.
Birol said global energy demand is mainly driven by China and the country would be instrumental in shaping all energy markets.
His Paris-based agency is an intergovernmental arm of the 34-member Organisation for Economic Cooperation and Development.
"My worry is that current oil prices are a major risk for the global economic recovery," Fatih Birol said at a conference.
"I'm very worried that we could see the same movie that we saw in 2008," he said.
Before the onset of the latest recession, oil prices surged to a record $147 per barrel in the summer of 2008, curbing consumer spending and dampening investor confidence.
Birol said the average oil price this year stood at $110, compared with $90 in 2008.
If oil prices remained at current levels through 2011, they could "derail the global economic recovery", Birol said.
He warned that oil prices have entered "a danger zone" and pose inflationary risks.
Birol said global energy demand is mainly driven by China and the country would be instrumental in shaping all energy markets.
His Paris-based agency is an intergovernmental arm of the 34-member Organisation for Economic Cooperation and Development.
