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.