IEA sounds oil price alarm

Upstream Online, 17 January 2011

With oil prices surging towards $100 a barrel, market eyes are on Opec to see whether the producers group will boost crude supplies to dampen prices. IEA executive director Tanaka told reporters on the sidelines of an industry conference that Opec "needs to show more flexibility" in increasing oil production according to Reuters. "If the current price continues, it will have a negative impact," he said.