The International Energy Agency said Friday Iraqi oil supplies aren’t at immediate risk, though the return of oil exports from the country’s north look increasingly elusive. The oil market has been focused on events in Iraq since Islamist militants seized control of the northern city of Mosul Tuesday. Crude prices shot higher this week, climbing to their highest level since September as news emerged that the militants had made rapid gains across northern Iraq, raising concerns about oil supply. Iraqi oil supply is crucial to meeting growing global oil demand in the coming years, with the IEA predicting roughly 60% of the growth in oil production capacity from the Organization of the Petroleum Exporting Countries in the next decade will come from Iraq. However, in its closely watched oil market report, the IEA said that provided the conflict in Iraq doesn’t spread further, it is unlikely […]