IEA URGES MORE OIL SUPPLIES

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STORY: IEA URGES MORE OIL SUPPLIES DATELINE: May 21, 2011 LENGTH: 0:00:40 LOCATION: Paris VO The energy market has nearly everyone around the world at its grips as prices climb, but one solution is being offered up. The International Energy Agency urged oil producing countries to increase their supplies to avoid further prices surges. The agency said it on Thursday after its quarterly meeting. The Paris-based advisory agency fears that an additional rise in oil prices would further affect economies who are already struggling on the economic recovery path. The IEA says quick actions and commitments to increase supply are the two pillar moves to help avoid the negative global economic consequences. They may cause a further sharp market tightening. Powered by www.newslook.com Producer : Xinhua News Agency

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