February 20, 2013

Bloomberg reported that International Energy Agency’s chief economist, Fatih Birol, said the prices of oil are harming Europe, which will need to spend 500 billion euros on oil imports this year, over 200 billion euros more than average.

As quoted in the market news:

Prices are very high,” he said in a Bloomberg Television interview. The “current level of oil prices is a major impact on the global economy, but especially for Europe.

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