IEA urges more oil supplies to tackle soaring prices

The International Energy Agency on Thursday urged oil producing countries to increase their supplies to avoid further surges in prices and eventual economic downturns.


After its quarterly meeting, the Paris-based advisory agency feared that an additional rise in oil prices would further affect economies already struggling on the economic recovery path.


"As global demand for oil increases seasonally from May to August, there is a clear, urgent need for additional supplies on a more competitive basis to be made available to refiners to prevent a further tightening of the market", the IEA said in a statement.


Quick actions and commitments to increase supply are the two pillar moves to "help avoid the negative global economic consequences which a further sharp market tightening could cause," the IEA said.
(Source:http://news.xinhuanet.com)