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20 September 2020 The on-line newspaper devoted to the world of transports 05:33 GMT+2

July 3, 2003

High oil price blamed for sluggish recovery

VIENNA: The head of the West's energy watchdog, the International Energy Agency (IEA), said yesterday that current high oil prices were partly to blame for sluggish world economic growth.

Claude Mandil said Opec, which controls half of world oil exports, should moderate its price target of $25 per barrel in favour of protecting market share against rival exporters.

"The prices are too high for everybody, too high for the world economy, and that is one of the reasons the economy is sluggish and not recovering very well," Mandil said after a news conference in Vienna ......
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