High oil costs must spur fuel efficiency, says IEA

Oil at $100 a barrel should remind consuming countries of the need to improve fuel efficiency, the International Energy Agency said on Thursday as US figures showed a fall in crude oil stocks for a seventh successive week.

The IEA, which represents rich oil-consuming countries, urged its member governments to do more to curb their use of oil, for example by lowering speed limits for motorists, as crude oil prices hit a fresh all-time high of $100.09 a barrel before falling to $99.18 a barrel, down 44 cents on the day.


Opec officials on Thursday rejected accusations that the oil producers’ group was responsible for high prices, blaming speculators.

Opec ministers next meet to agree production levels on February 1 in Vienna, having decided at their meeting in Abu Dhabi a month ago to leave output unchanged. Price hawks, led by Venezuela, are expected to argue against a production increase. Hugo Chavez, Venezuela’s president, has described $100 a barrel as a “just price” for oil.

Financial Times