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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (17076)	11/29/2004 2:02:49 PM
From: mishedlo	Respond to of 116555

Saudi Arabia says high oil prices no threat to world economic growth Monday, November 29, 2004 6:49:25 PM afxpress.com LONDON (AFX) - High oil prices during 2004, stoked by a surge in global demand and worries about disruptions to supplies, are not harming world economic growth, Saudi Arabia's oil minister Ali al-Nuaimi insisted "This price of oil is not affecting the growth of the economy," Nuaimi said in a speech at a conference in London "The projections today are that the world is supposed to be growing by 4.0- .5 percent per year. As I said, the (current oil) price is not negatively affecting growth," the minister told the conference, entitled "Oil, Economic Change and the Business Sector in the Middle East" World oil prices have rocketed to record highs during 2004, largely because of an upsurge in global demand, notably from China "Everybody was taken by surprise by the surge in demand in 2004. Back in November 2003, everybody was projecting a demand growth of 1.3 to 1.4 mln barrels daily (mbd). But today, it is closer to 2.8 mbd." Nuaimi attributed current high oil prices to rampant demand and the "fear factor" caused by tensions in the Middle East and supply disruptions due to workers' strikes "You have tensions and war in the Middle East, the strike in Nigeria. If you can eliminate these, the price will come down," he said