The International Energy Agency said on Wednesday Opec is pumping far more crude oil than the market needs for next year, a month after calling on producers to ramp up output to help tame prices that have since collapsed. The Paris-based advisory body — writing as oil prices have slumped by almost a quarter in the past month, including a 7 per cent drop on Tuesday — defended its decision to push producers to pump more, saying additional supplies should be “welcomed as a form of insurance rather than a threat.” “The response to the call by the IEA and others to increase production is a reminder that the oil industry works best when it works together,” the IEA said. “Although the oil market appears to be more relaxed than it was a few weeks ago . . . such is the volatility of events that rising stocks should be welcomed.” Financial Times

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