IEA urges OPEC to act in order to lower fuel costs

The International Energy Agency is calling on oil-producing countries to bring oil prices to reasonable levels. The head of the organization addressed reporters on the issue on Wednesday. This follows a move by the U.S. and other nations to release their strategic oil reserves to blunt soaring fuel prices. OPEC and their allies agreed in July to move towards pre-pandemic levels of production but have so far stalled output.

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