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IEA urges OPEC to pump more oil

Posted on 04 May 2011

The Organization of Petroleum Exporting Countries should produce more crude oil—even of the sour, heavy quality—because refineries would use it at a lower price, the executive director of the International Energy Agency said Tuesday.

The statement underscores the widening gap between oil producers and consumers. OPEC’s two largest producers recently said there was no need to supply more barrels to an already oversupplied market……………………………………….Full Article: Source


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