A recent analysis of oil prices by the International Energy Agency revealed dismal data and concluded that oil prices are 'dangerous' for the global economy. The lead energy watchdog group found that oil costs for over 34 countries belonging to the Organization for Economic Co-Operation and Development went from $200 billion to $790 billion by the end of last year. The agency's chief economist, Fatih Birol, reported to Financial Times.com: "Oil prices are entering a dangerous zone for the global economy. The oil import bills are becoming a threat to the economic recovery. This is a wake-up call to the oil consuming countries and to the oil producers."
The IEA has pushed for OPEC to increase oil production as oil prices rise to nearly $100 dollars a barrel. OPEC left oil quotas unchanged as of last month though experts agree that increasing production will assist troubled economies. Birol also offered: "Oil exporters need clients with healthy economies but these high prices will sooner or later make the economies sick, which would mean the need for importing oil will be less...it may not be a bad idea that producers are ready to increase production and show their understanding that these high prices are not good for the global economy."
For more: Financial Times