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In an interview with the Financial Times (FT), the International Energy Agency (IEA) Executive Director Faith Birol urges the oil-producing nations to increase production further, in an attempt to reign in the oil-price rally.

Key Quotes:      

“Some countries have been making efforts to increase production but this is far from comforting the markets right now.”  

“My expectation and hope is that all the producers are aware of the sensitive situation and make their best efforts.”  

“Higher energy prices might seem to be good news for exporters today but tomorrow it will hurt their economies as well because of lower demand growth.”