IEA: High Oil Prices Must Spur Higher Fuel Efficiency

$100 oil is a clear signal that the market is tight, and either we have to get more production or consumers will have to use less.

Published: 04-Jan-2008

Oil at $100 a barrel should remind consuming countries of the need to improve fuel efficiency, the International Energy Agency said on Thursday as US figures showed a fall in crude oil stocks for a seventh successive week.

The IEA, which represents rich oil-consuming countries, urged its member governments to do more to curb their use of oil, for example by lowering speed limits for motorists, as crude oil prices hit a fresh all-time high of $100.09 a barrel before falling to $99.18 a barrel, down 44 cents on the day.

Opec officials on Thursday rejected accusations that the oil producers’ group was responsible for high prices, blaming speculators.

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