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International Energy Agency (IEA) Administrator Fatih Birol told Reuters on Thursday that major oil-producing countries must take "correct action" to ease supply concerns. Supply doubts have pushed crude oil prices to a four year high.
"It's an important time for all parties to consider the situation and take proper action to appease the market, especially those major oil producers and oil exporters, or I don't think anyone will benefit from it," Birol said in a telephone interview.
He said that rising oil prices above $85 a barrel, coupled with global trade concerns, were putting heavy pressure on emerging economies.
"Energy prices are starting to become expensive when a global economy is bad." He said.


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