http://biz.yahoo.com/ap/080701/oil_prices.html
"OPEC production is at record highs and non-OPEC producers are working at full throttle, but stocks show no unusual build," Tanaka said at the presentation of the IEA report in Madrid, Spain. "These factors demonstrate that it is mainly fundamentals pushing up the price."
"Also Tuesday, a report from the International Energy Agency saying crude supplies would remain tight despite record prices and reduced demand from industrialized countries also helped support prices."
"Echoing Tanaka, U.S. Treasury Secretary Henry Paulson said Tuesday in Berlin that there were no "obvious short-term solutions" to skyrocketing oil prices."
Couple the above with http://news.yahoo.com/s/ap/20080701/ap_on_re_mi_ea/iraq
"BAGHDAD - Iraq's foreign minister says the country has little choice but to sign a new security agreement with the U.S. that would let American troops stay in the country after a U.N. mandate expires."
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