Estimates from the International Energy Agency; they say that as curbs by OPEC & its partners take effect oil stockpiles will decline by about 600,000 barrels a day in the next six months
- "Before the agreement among producers, our demand and supply numbers suggested that the market would re-balance by the end of 2017"
- "If OPEC promptly and fully sticks to its production target" and other producers cut as agreed, "the market is likely to move into deficit in the first half of 2017."
Via Bloomberg, who have more here
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The issue with cartels is there is always an incentive for one or more member to cheat. Compliance with the OPEC and non-OPEC agreement is the challenge to monitor for the output cutters.
