The International Energy Agency has delivered a new warning about future supply of oil and gas as turmoil continues in the Middle East and the conflict between Russia and Ukraine remains unresolved. In its latest annual World Energy Outlook to be released later Wednesday, the Paris-based IEA said current ample supply of oil should not leave consumers complacent, especially given the increasing dependence on Middle East producers. “The short-term picture of a well-supplied oil market should not disguise the challenges that lie ahead as reliance grows on a relatively small number of producers,” the IEA said, in an apparent reference to current expectations that rising supply will more than meet incremental world oil demand in the […]