OPEC, energy efficiency, investment hold answer to oil price: IEA

The world needs more oil, mainly from OPEC, but governments in consuming countries must streamline energy investment regulations and boost energy efficiency, the International Energy Agency (IEA) said on Wednesday.

IEA executive director Claude Mandil issued a statement saying that high oil prices of about 60 dollars a barrel and “possibly” more, posed “significant” risk to the world economy and growth and that “the poorer the country, the higher the burden”. Mandil declared: “More oil, more investment, more energy efficiency — that is how market forces should react to market signals.

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