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OPEC members warn IEA oil release could backfire

Posted on 24 June 2011

Some OPEC members warned of possible retaliatory measures after several of the world’s largest oil consumers said they would release 60 million barrels of oil—a move that immediately sent oil prices sharply lower.
The International Energy Agency, which coordinates emergency oil inventories policy for its 28 members, said Thursday it had consulted about the oil-release plan with major oil producers, including the Organization of Petroleum Exporting Countries, and major consumers including China………………………………………..Full Article: Source


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