Oil producing countries have been warned to increase output to safeguard global economic recovery or face the threat of the release of strategic stockpiles of oil by western countries for the first time since hurricane Katrina in 2005.
The International Energy Agency urged the Opec oil cartel to step up output, saying there was a “clear, urgent need for additional supplies”.
In a statement from the advisory body for western countries on energy, the IEA added: “We are prepared to consider using all tools that are at the disposal of IEA member countries.”
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