Oil Market Report, Summary… IEA

The IEA lays out a scenario in which the oil market moves into a deficit in the first half of 2017:

“Before the agreement among producers, our demand and supply numbers suggested that the market would re-balance by the end of 2017. But OPEC, Russia and other producers are looking to speed up the process. If OPEC promptly and fully sticks to its production target, assessed at 32.7 mb/d, and non-OPEC producers deliver the agreed cuts of 558 kb/d outlined on 10 December, then the market is likely to move into deficit in the first half of 2017 by an estimated 0.6 mb/d. This is not a forecast by the IEA, it is an assumption based on the numbers in OPEC’s 30 November agreement, subsequently reinforced by the non-OPEC producers.

Here is the link:  https://www.iea.org/newsroom/news/2016/december/omr-what-a-difference-a-year-makes.html