When Will Oil Markets Rebalance?

The first half. No, the second. Certainly this year. Or next.

That’s the range of views you’ll hear if you ask the International Energy Agency, OPEC, Saudi Arabia and the U.S. government when the production cuts announced last week will end the global oil glut.

The Dec. 10 agreement between OPEC and 11 other producers could begin to reverse three years of oversupply within the next six months, according to the IEA, Paris-based adviser to 29 industrialized nations. The Organization of Petroleum Exporting Countries itself is less hopeful, predicting that stockpiles won’t fall until the second half of 2017.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.