IEA: High Oil Prices Must Spur Higher Fuel Efficiency
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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