Stark warning: from Nobuo Tanaka
'Oil prices may tip world into recession'
International Energy Agency boss Nobuo Tanaka warned today that there is a risk record oil prices could tip the world economy into recession.
Asked whether prices of nearly $118 a barrel could drive the world economy into recession, he said: "Yes, I certainly have some concern."
"High prices definitely dampen demand - it's happening now, definitely it will have some negative impact on economic growth - that's for sure," he told Reuters on the sidelines of the International Energy Forum in Rome.