OECD: Oil Prices Set Back Global Recovery
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The OECD cut its 2005 economic growth forecast for the euro zone and other major economies on Tuesday, blaming a &quot;surge in oil prices&quot; and the slide in the dollar.
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The U.S. economy is running out of steam but Europe's resurgence and Asia's awakening will prevent the world's economy from derailing as it did after the stock market crash of 2000, the OECD said in a report on Tuesday.
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TOKYO : Japan&#39;s economic recovery is on track as structural reforms take root but soaring global oil prices pose a question mark, the central bank chief said on Monday.
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Record oil prices are having a limited impact on the global economy but the risk of economic disruption remains high, the head of the International Monetary Fund said Thursday.
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OPEC President Purnomo Yusgiantoro highlighted the impact of the current high oil prices, saying the direct contribution of the increase in global oil prices to the economic slowdown
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DUBAI/ABUJA  - OPEC will take one million barrels of oil a day off oversupplied world markets as soon as possible with its first output cut in more than two years, OPEC officials said on Thursday, sending oil prices back above $60.
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LONDON : World oil prices retreated as they were unable to recover heavy losses caused by profit-taking ahead of the US presidential election.
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If the global economy slows, oil prices will fall. But probably not until after March.
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OPEC, the producer of more than a third of the world&#39;s oil, expects prices will recover from their second-largest drop this year as nations enforce yesterday&#39;s decision to lower output, ministers said.
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The high level of oil prices is posing a risk for the European economic recovery, European Union industry lobby group UNICE said.
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High oil prices pose a risk to the  global economy, but the economic outlook for 2005 is still  favorable, the Group of Seven nations said in a statement  following their meeting on Friday.
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World oil prices fell again on Tuesday as Iraq restored oil exports and hedge funds continued the rush to take profits from record highs.
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LONDON High oil prices slowed the British economy in the third quarter, a government report showed Friday, lessening the need for policy makers to tap the brakes on an economy that has consistently outpaced its Continental neighbors.
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OPEC will cut back on oil production early next year in a bid to stave off a further decline in the world price, Kuwait's oil minister said yesterday.
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Oil prices took time out on Friday  from this week's succession of record highs but anxiety over  outages in the U.S. Gulf, Nigeria and Norway in the run-up to  winter left little hope of relief for consumers.
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Recovery in the eurozone is battling higher oil prices and a rising euro as monetary union has so far failed to spur sustained economic dynamism in the 12 nations using the single European currency, the OECD revealed.
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Rising oil prices are unlikely to deal a major blow to global economic growth although the trend may seem &quot;uncomfortable,&quot; a researcher with the International Monetary Fund says.