DOHA |
DOHA (Reuters) – The fragile economic recovery could be negatively affected by high oil prices, especially in the United States, BP’s (BP.L) chief executive said on Tuesday.
Despite the looming threat of a sharp economic slowdown in Europe affecting demand for oil around the world, oil prices have remained above $100 for most of 2011 thanks largely to strong growth in Asia and instability in producing countries.
Stubbornly high oil prices now have the potential to affect economic growth and hit demand for oil, Bob Dudley told executives from the world’s largest oil and gas producers gathered in Qatar.
“It is important in the current situation of a fragile global economy and I think right now we are probably walking a fine line,” Bob Dudley told the World Petroleum Congress in Doha.
“It is impossible to say what price exactly will affect the economic recovery but we do know which regions will be affected most,” he said, adding that the United States was most vulnerable because of its
Read More from the Article Source: Full Article
