G20 predicts “moderate” growth, considers impact of possible oil embargo

Meeting in Mexico City, world finance ministers and central bankers examined the impact higher gas prices and a possible sanction on Iranian oil exports could have on the global recovery.

Responsding to the decision by Saudi Arabia to increase exports in the past week, IMF head Christine Lagarde said she was pleased “that some of the oil-producing countries, in particular Saudi Arabia has indicated its determination to contribute to rebalancing and mitigating of the risks but clearly we have to remain vigilant.”

Reuters reported that a draft communique predicts “moderate” growth in 2012.

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