LONDON, Jan 16 (Reuters) - 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.
Reporting by Noah Browning; editing by Jason Neely
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