International Energy Agency out with their latest report

  • global oil supply growth is plunging as an extended period of low prices takes its toll
  • USA and Iran seen leading production gains by 2021
  • expects US LTO production to fall by 600k bpd in 2016 and a further 2017 loss of 200k before a gradual recovery
  • global oil supply to rise by 4.1m bpd between 2015-2021 vs total growth of 11m bpd between 2009-2015
  • US output to reach all time high of 14.2m bpd by 2021 but only after falling in the short term

Full report from the IEA here

Brent and WTI both trading just off session highs at $34.08 and $30.64