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IEA warns of oil price spike, calls for high output |
15 June 2012The International Energy Agency (IEA) has said Iranian oil exports have fallen steeply in the past months and could slide further pushing oil prices higher again, effectively calling on Opec to maintain current high oil output levels, Reuters has reported. The IEA said the world is better supplied with oil now than in recent years, but warned against calling it an over-supplied market. "Memories are indeed short: crude prices remain very high in historical terms, and are acting as a drag on household and government budgets in OECD and emerging markets alike," the IEA said in its monthly report. |
15 June 2012
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