Oil and Gas

IEA says oil stocks, non-OPEC output to buffer market from shocks

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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.