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The next oil shock?

The world is wallowing in cheap oil. But the oil industry's most authoritative data shows that Opec is set for a comeback

By David Fleming   April 1999

I have missed my vocation. I should have been a pick-pocket. I like dipping sneakily into heavy tomes full of small print, to see what I come up with. Occasionally I find something extraordinary. The latest issue of the International Energy Agency’s annual publication, World Energy Outlook, is a case in point. It has a story to tell which will profoundly affect the future of every man and woman on earth.

The International Energy Agency (IEA) is the most authoritative body in the field of energy. It was set up in 1974 with an office in Paris; its job is…

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