Global oil expenditures breached 5% of the world’s Gross Domestic Product last year, just as they did in 2008 and other periods of sharp economic slowdown, IEA Executive Director Maria van der Hoeven has warned on Wednesday, 14 March in a speech to the 13th International Energy Forum in Kuwait.
14 March 2012
Ms. Van der Hoeven noted that just as the world was beginning to pull out of the 2008/9 recession, pressures deriving from higher crude prices have re-emerged. She added that it is not simply a case of richer countries grumbling about high oil prices as emerging markets are also vulnerable.
“We should all be worried about recent increases in prices,” Ms van der Hoeven said.
Read the full speech here