The eurozone debt crisis, a Chinese slowdown and increased supply depressed oil prices in May but despite fears of a sharp drop, they still remain high and crimp growth, the IEA said on Wednesday.

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India, publicly disdainful of sanctions to pressure Iran, has been left off a list of nations given a U.S. waiver from the measures, but is privately pushing its refiners for substantial cuts in impor

OPEC left its oil output target unchanged on Wednesday, a decision that sent crude prices shooting higher on global markets and exposed deep divisions in the cartel amid calls for a hike in quotas.

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Vienna, July 16: Driven by the global economic recovery, the world oil demand is projected to grow by 1 million barrels (mb/d) per day to 86.4 mb/d in 2011, the Organisation of Petroleum Exporting Cou