efficient than any time in history. This is why irrespective of oil price levels and movements the world economy witnessed robust growth for the past decade." The global economy expanded by 3.2% and emerging markets by 4.1% annually when oil averaged only $17/barrel, Naimi said. At an average crude price of $30/barrel over 2000-2007, the global economy grew by 6.7%, he noted. To meet its growing oil demand, Asia will need $150 billion investments in setting up new refineries and upgrading existing ones, the minister said. --more
