IEA warns sharp rise in oil could damage recovery

PARIS: The International Energy Agency is concerned about the rapid rise in oil prices, its executive director Nobuo Tanaka said yesterday, highlighting risks that a sharp increase could hurt the economic recovery.

"The rapid hike of the price is certainly a concern," Tanaka told a news conference on the sidelines of the IEA's biennial ministerial meeting in Paris, without giving a reason for the organization's concern.

"We have increased our predictions for demand... but data from the field is not that promising. We are watching carefully how the real economy is moving in OECD countries as well as emerging countries," he added.