Geopolitical tensions and the shaky economic recovery means there is little room for complacency in oil market in the next 12 months, the International Energy Agency warned Friday. In its closely watched monthly oil market report, the Paris-based energy watchdog forecast rising demand growth and a steady increase in supply from non-Organization of the Petroleum Exporting Countries for 2015. It said global demand for oil will accelerate to 1.4 million barrels a day from 1.2 million barrels a day this year, while oil supply from outside OPEC will increase by around 1.2 million barrels a day, continuing the trend of robust non-OPEC production. However, the IEA warned that the risks associated with its 2015 demand forecast are “particularly high” due to the uncertain global economic recovery and geopolitical tensions in a host of countries, including Iraq, Libya, Nigeria and Venezuela, are adding to the macroeconomic uncertainties. The same political […]