High oil price bad for economic recovery: Shell chief

28th January 2011, Comments 0 comments


Shell chief Peter Voser has warned that current oil prices are likely to get in the way of economic recovery. The CEO was speaking at the annual World Economic Forum in the Swiss ski resort of Davos, where prime ministers, presidents, trade ministers and leaders of the world's largest corporations have gathered for a conference on the global economy.

"We are concerned about the price of oil, we don't want it to obstruct recovery," Mr Voser said. He pointed out that demand was increasing because of the rapid economic growth of emerging economies like China and India.

Earlier this week, the CEO of French concern Total, Christophe de Margerie also expressed similar fears. High oil prices are dangerous for the global economy, he said. If oil prices rise above 100 dollars per barrel, it would reverse the upturn in economic growth.

The price of US crude has dropped to about 85 dollars a barrel, having topped 100 dollars for several weeks.


© Radio Netherlands Worldwide 2010

© Radio Netherlands Worldwide

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