International Energy Agency out with their latest report 13 Dec

  • 2016 demand growth up by 120k bpd to 1.4mln bpd
  • will take OPEC/non-OPEC deal to take effect before reassessing market outlook
  • market could enter 600k bpd deficit in H1 if OPEC/non-OPEC comply, but not an IEA forecast
  • Global crude supply hit record 98.2 mln Bpd in Nov
  • OECD oil inventories fell for third month in a row in Oct, down 75 mln bbls from July record of 3.102 bln bbls

WTI currently $52.80 Brent $55.75 both near session highs.

More from the IEA here