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Oil Producers Need to Pump More or Put Demand Growth at Risk

  • High crude prices could hurt exporters tomorrow, IEA says
  • IEA chief says 2018 demand growth forecast could be reduced
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Rising oil prices may hurt demand in some of the world’s fastest-growing nations unless producers take steps to boost supplies, according to the International Energy Agency.

“I wouldn’t be surprised if we revise our numbers,” Fatih Birol, the executive director of the Paris-based adviser, said in a phone interview, referring to the IEA’s forecast for demand growth this year of 1.4 million barrels a day. High energy prices are hurting consumers today, and could hurt the economies of exporting countries tomorrow, he said.