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IMF Urging More Energy Investments

The International Monetary Fund (IMF) is expected to warn that the Organization of Oil Exporting Countries (OPEC) and oil companies are not investing enough in new oil production and refining.

In a front page story, The Financial Times newspaper says the warning is part of an IMF report to be published later this week.

According to the article, without more investment, production capacity is not likely grow enough to outpace future growth in consumption and create adequate spare capacity.

An IMF spokesman would not comment on the article.

Another news report (from the Associated Press) says France will urge the United States and other wealthy nations to boost investments in oil refining and alternative energy.

The Bloomberg financial news service also reports that top EU and OPEC officials have agreed to meet in November to discuss investments in energy production.

Some information for this story provided by AP.