OPEC rubbishes IEA on oil prices

OPEC snapped back at the International Energy Agency (IEA) on Friday over its assessment that oil prices of around 40 dollars a barrel would be good for the global economy.

“The IEA has said that the world would get a trillion-dollar economic stimulus if oil prices stay at around 40 dollars a barrel through 2009,” the head of the Organization of Petroleum Exporting Countries, Abdalla Salem El-Badri, said in a statement.

“The moderation of prices since last summer’s extreme certainly offers some short-term relief to consumers. However, if the current low price environment persists, this short-term relief may not translate into long-term gain,” El-Badri argued.
AFP