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(From Irish Independent)
WITH world oil prices having retreated from over $70 a barrel in the immediate aftermath of Hurricane Katrina, there is good news on the way for Irish consumers with both petrol and home-heating oil prices set to fall in the near-term.
However, it is probably too early to believe that oil prices have peaked. The International Energy Agency (IEA) met in Paris yesterday to review its 60 million barrel release of emergency reserves of crude and petroleum products, initiated on September 9 to ease US shortages, and next week, OPEC meets to consider a production increase. OPEC President, Sheikh Ahmad al-Fahd al-Sabah said on Wednesday that he still plans to suggest a 500,000 barrel increase in the group's output.
Only Saudi Arabia within OPEC has spare production capacity at the moment, but refiners have said they do not want more of the kingdom's sour crude - …