"For now the risk of a major threat to oil supplies appears to have receded," the Paris-based IEA said in a monthly report.
Surging oil production from non-OPEC countries led by the United States and abundant global stocks mean the market can weather political shocks such as the U.S.-Iran standoff, the International Energy Agency (IEA) said on Thursday.
"For now the risk of a major threat to oil supplies appears to have receded," the Paris-based IEA said in a monthly report."Today's market, where non-OPEC production is rising strongly and OECD stocks are 9 million barrels above the five-year average, provides a solid base from which to react to any escalation in geopolitical tension," the IEA said.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.