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OPEC, IEA clash over oil reserves weapon

Posted on 24 June 2011

Consumer watchdog the International Energy Agency’s emergency oil release is a desperate measure that threatens to undo two decades of cooperation with OPEC and could fail to calm prices.
Thursday’s announcement of a 60 million-barrel release from emergency stocks — only the third in the IEA’s 37-year history — came after consumer nations unsuccessfully applied pressure on the Organization of the Petroleum Exporting Countries to increase its output at a meeting this month………………………………………..Full Article: Source


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