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Oil: insipid IEA vs toothless Opec

Source: Financial Times, 19th May 2011

They were hardly quaking in Riyadh after Thursday's stern press release stern press release from Paris. In a rare statement from its governing board, the International Energy Agency said it was "prepared to consider using all tools that are at the disposal" of its 28 members to coax more oil out of producers. Though it did not mention its nemesis by name, only the Organisation of the Petroleum Exporting Countries has spare capacity at near-record prices.



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