Don’t let oil harm global prosperity – IMF

By Rodrigo de Rato, managing director of the International Monetary Fund.

Oil prices have nearly doubled since 2003, and are likely to remain at historically high levels for the foreseeable future. Fortunately, although some countries are seeing signs of lower growth and rising inflation, the global economic expansion has continued.

To sustain global prosperity, however, oil producers, consumers and policy makers need to cooperate to reduce the risks to growth and inflation, and to ensure that oil price movements are not as disruptive as they were in the 1970s.

International Herald Tribune