IEA warns high oil prices threaten global economy

The chief economist for the International Energy Agency says high oil prices threaten to worsen a global economic slowdown.

Fatih Birol said in a speech on Wednesday that energy exporting countries should take into account how high oil prices hurt economic growth and choose production levels accordingly.

The Organization of Petroleum Exporting Countries is meeting later on Wednesday in Vienna to decide whether to change the cartel’s output quotas.

Crude has jumped to $100 a barrel from $75 in October amid signs the U.S. economy will likely avoid a recession.