High oil prices are squeezing consumers’ confidence and could additionally produce conflicting implications for producers. The executive director of the International Energy Agency (IEA) said on Tuesday.
IEA chief Fatih Birol said at an energy conference in Singapore "Many countries' current account deficits have been affected by high oil prices.”
Major emerging Asian markets such as India and Indonesia have been hammered hard this year by increasing crude oil prices, which despite declines this month are up by around 15% since the start of 2018.
Fuel import costs have been driven up further by a slide in emerging market currencies versus the greenback, depressing growth and even triggering objections and government fuel price controls in India.