Surging oil prices pose a threat to the economic recovery and nations must look to reduce their reliance on the black gold, says the International Energy Agency (IEA).
According to analysis by the energy watchdog, oil import costs for OECD nations have surged by $200bn over the past year - wiping 0.5% off OECD gross domestic product, reports the Financial Times. High crude prices have pushed oil to nearly $100 a barrel recently, with Brent crude hitting $95 a barrel on Monday. The warning from the watchdog threatens to take the shine off recent buoyant economic data from the US and Europe pointing towards a manufacturing-led recovery which powered a global stock market rally. In a "wake-up call" to both oil producers and consumers, IEA chief econ...
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