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Oil prices could double by 2022, IMF warned
Global trade would be profoundly affected if crude prices permanently doubled from current historic high of $113 a barrel
"This is uncharted territory for the world economy, which has never experienced such prices for more than a few months," the report warns.
The new IMF "working paper" come as the value of crude on world markets remains at the historically high level of $113 a barrel and just after the International Energy Agency reported that consumption would accelerate for the rest of this year in line with a wider economic recovery.
Read more: http://www.guardian.co.uk/business/2012/may/13/oil-price-doubling-decade-imf