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Development and Reform Commission: High Oil Prices Are Destructive to the Global Economy
Zhang Guobao, deputy director of the National Development and Reform Commission (NDRC) of China, said on June 7 that high oil prices have caused political instability in some countries and have also damaged global economic growth. Zhang Guobao said that for both developed and developing countries, the oil price is close to $140/barrel, which is damaging. Hedge funds and commodity speculation funds are the reasons for the rise in oil prices. He said that the crude oil market is currently used as a "financial instrument" and is the cause of the abnormal rise in oil prices.