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Inflation could hit oil demand: OPEC president

Written by: Staff
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Brussels, Jun 7: OPEC President Edmund Daukoru said on Wednesday that rising inflation could hit demand for oil but, with prices at current high levels, the producer group would be best advised to err towards oversupply.

He said prices should come down if current tensions between the United States and Iran over Tehran's nuclear programme eased.

Daukoru, Nigeria's Minister of State for Petroleum, also said he expects a substantial part of the country's production that has been shut in by militant attacks to be back on stream in a month.

He also expected unrest in the oil producing Niger Delta to abate within a reasonably short time.

REUTERS

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