2011-12-13 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: The International Energy Agency (IEA) has said increased production by Saudi Arabia would provide welcome relief from the threat that high fuel prices pose to efforts to revive the global economy, Reuters has reported. Saudi Arabia's output increase in November was timely, given low global oil inventories and poor output from non-Opec producers, IEA chief economist Fatih Birol told a seminar in Australia. The Paris-based IEA, which advises industrialised countries on energy issues, has warned that Brent prices over $100 a barrel are a threat to the global economy. "OECD stock levels are at historically low levels, plus we are in a very fragile economic recovery situation. And higher prices than we have now can strangle economic recovery efforts worldwide, therefore the Saudi production boost currently and in the future will be very much welcomed," said Birol.  

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