The Role of Policies to Foster Oil Sector Investment in a Global Context

摘要

Let me begin by discussing the macroeconomic implications of the broad-based commodity price boom that is currently underway. To put this into context, oil prices have increased by about 40 per barrel from their 2007 average, which, according to IMF estimates, would by itself reduce annual global growth in 2008 by between 1/2 and 1 percentage point if the increase were sustained during the remainder of the year. More broadly, surging commodity prices are affecting budgets, trade balances, headline inflation, and, of course, standards of living almost everywhere.