The head of the International Energy Agency (IEA) said he is "alarmed" by the rapid upward oil price trend, which, if maintained, is starting to look similar to the spike that took prices to $147 per barrel in July 2008. "We are very concerned about the speed of the price [rises]," IEA Executive Director Nobuo Tanaka said at the World Future Energy Summit in Abu Dhabi. He added that consuming countries are spending bigger proportions of their GDP on oil, approaching the unhealthy levels seen in 2008 before the oil price crash and the start of the global economic crisis (EIF Nov.10,p7).
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