ECB chief calls cartel-driven oil prices 'abnormal'

European Central Bank president Jean-Claude Trichet said on Thursday that oil consumers must accept higher oil prices but sent a message to producers that cartel prices were abnormal and warned they could have serious consequences.

While acknowledging that strong demand had contributed to record oil prices now around $146 (Dh536) a barrel, Trichet added: "We also tell the suppliers that to the extent that part of the present prices are coming from cartel this is very, very abnormal."

At the global level, he continued, "when we have a demand driven increase in prices then it plays a role in the automatic stabilisation of global growth."

"But if we have a supplier-driven artificial scarcity then it is very grave and it has an impact which could be very grave."