The oil price soared over supply concerns from major oil producers and OPEC
comments that there was no need to raise output.
But outgoing Italian Prime Minister Romano Prodi told the International
Energy Forum the high oil price was hurting the global economy, especially
poorer countries.

Oil prices just keep on rising - hitting another record above 117 U.S.
dollars a barrel on Monday.

This came after the Organization of Petroleum Exporting Countries - OPEC -
said there was no need to raise output, and major oil producers expressed
worries about supply disruptions.

Prices jumped as the world's oil ministers and oil company executives
gathered at the International Energy Forum in Rome.

Outgoing Italian Prime Minister Romano Prodi told the conference every ten
dollar per barrel price increase costs the global economy 500 billion U.S.
dollars, and especially hurts poorer countries: 

Romano Prodi, Italian Prime Minister, saying:
"We are witnessing an oil price of 117 U.S. dollars per barrel. A
fact that makes even more evident the need for a constructive dialogue between
energy producers and consumers in order to achieve a united strategy on the
issues of energy security, climate change and sustained development and
growth."

Before arriving in Rome,  OPEC ministers repeatedly said they wouldn't use
the forum to revise output.

But the Libyan Oil Minister expects prices to continue rising:

Shokri Ghanem, Libyan Oil Minister, saying:
"It is a surprise to us all that the price got to this extent.
Since two years ago we have been talking that the age of cheap oil is over,
but none of us have thought of it reaching 115  in this short time, so it
could reach 120 even pretty soon."

Comments like this will bring little comfort to drivers and other consumers
that the oil price will slide to more affordable levels anytime soon.

Joanna Partridge, Reuters