The International Energy Agency on Friday highlighted ongoing “elevated” risks in the oil market, as it trimmed its forecast for an increase in demand this year following Russia’s annexation of Crimea, but also warned of lower oil production. In its closely watched monthly report, the Paris-based energy watchdog lowered its 2014 forecast for Russian oil demand by 55,000 barrels a day to total 3.5 million barrels a day following the country’s annexation of Crimea last month and subsequent downgrades of the World Bank and International Monetary Fund’s views of the country’s growth. Further economic sanctions and pressure on Russia’s economy could cut its oil demand by a further 150,000 barrels a day this year, the IEA said. The IEA’s overall forecast for the increase in oil demand this year was cut by 100,000 barrels a day to 1.3 million barrels a day. The IEA also lowered […]