IEA says high oil prices threaten global economic recovery

High oil prices are threatening the global economic recovery, the Executive Director of the International Energy Agency Maria van der Hoeven said on Monday.

Prices have eased a little and market fundamentals have improved in recent weeks, but concerns remain due to unplanned supply outages, international political tension over Iran and limited spare production capacity, she said.

“Prices remain very high,” van der Hoeven told an industry event in Australia in a video presentation. “High prices pose a real threat to the economic recovery.”

The IEA advises 28 industrialized nations on energy policy.