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Glut reactions

Warnings about after-the-oil-glut keep getting undercut by new oil finds and, of more immediate impact, a report that Iran intends to step up production.

Yet the warnings - not to forsake energy efficiency, for example - should be heeded even if prices continue to fall and temporary supplies increase. Both these trends could be quickly reversed if people and institutions go back to the old profligacy, especially when the brake of recession is eased.

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