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IEA: OPEC had first big drop in output in a year; crude price overheated

PARIS (AP) - The International Energy Agency says oil prices are "overheated" at around $85 per barrel.

The Paris-based agency also reports that OPEC posted the first significant drop in output in March in more than a year - largely due to a near 10-percent drop in production in Iraq alone.

In its monthly oil market report issued Tuesday, the IEA said that operational problems and weather-related export disruptions at its southern terminals drove down Iraqi output.

The IEA estimates global demand in 2010 at 86.6 million barrels a day, about 30,000 barrels a day more than in last month's report.

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