292. MATT SIMMONS: NO NEED TO FEAR A RECESSION
Bad news, doomtroop. Now, even Matt Simmons is talking like POD. He says Ghawar and Burgan are screwed, and we're in for shortages, but there's no need to fear a recession, let alone a depression.
Read it and weep:
In Limerick yesterday, an industry expert warned there may be further crude price rises on the way.
Speaking at a conference in the University of Limerick yesterday, Mathew Simmons, an investment banker and expert on global oil reserves, warned that production from giant oil fields in Saudi Arabia and other Gulf states may already have peaked, meaning imminent oil shortages.
Mr Simmons said, however, that there was no need to fear a recession.
He pointed out that higher oil prices meant more revenue for producing countries, which in turn would help to fuel global growth.
To prove the point, the International Monetary Fund yesterday raised its forecast for global economic growth this year to 4.9pc, the best since 1976.Source
-- by JD