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IEA warns against increasing reliance on Middle Eastern Oil

The low oil prices mean prosperity for the Middle East producers gathered OPEC. But the International Energy Agency warns against an ever rising reliance on cheap oil from the region, reports the Financial Times.

Photo: /ritzau/Hassan Amar/AP

The huge demand for cheap oil has handed Middle East oil producers their largest market share since the 1970s. At the same time, the huge demand means that the global markets increasingly risk becoming dependent on oil from the region, says the International Energy Agency (IEA) to the Financial Times.

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