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Saudi Arabia’s spare oil production capacity called into question

The International Energy Agency (IEA) in its monthly oil report warned on 12 July that the oil supply disruptions in Iran, Libya, Venezuela and elsewhere could create problems for global oil markets. The Paris-based agency’s remarks came despite the 23 June agreement by the Organisation of Petroleum Exporting Countries (Opec) and allied producers led by Russia to boost production in an effort to prevent oil prices rising too fast.

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