The International Energy Agency (IEA) in a statement yesterday has urged OPEC to increase supply or risk derailing the economic recovery. It says that high oil prices are reducing spending power, driving up inflation and placing pressure on interest rates. This could threaten the global recovery. The IEA even suggested it would consider releasing emergency oil stock piles if OPEC failed to act. The statement came on the day that the US published its April Index of leading economic indicators which showed a decline - the first in nearly a year. Opec is due to meet 8 June, though with Iran as Chair - few expect it to oblige with the IEA request.