IMF Chief: Oil Prices High for 2 Years

The world will have to live with lofty oil prices for at least the next two years due to a combination of strong demand and supply constraints, Rodrigo Rato, the managing director of the International Monetary Fund, said on Saturday.
With output already near a 25-year high, [OPEC] is stretched to meet demand growth. Other major exporters Russia and Norway also cannot add significantly to this year’s supply.
“It’s clear that at this level of prices — even if they’re reduced little bit in the medium term — governments of all consuming countries have to have a very clear energy policy both in terms of demand and pricing,” Rato, on the last leg of a five-day trip to China and India, said.

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