According to the National Energy Agency (IEA), if countries keep the tankers to reduce oil production in 2017, as provided for in the agreement, the oil market could start if it balances next year of 2017. Estimates are that reduced production can reach 0.6 million barrels per day (mbd).
That’s because, in addition to the OPEC producers, the 11 countries that are not part of the cartel also add to the agreement and agreed to cut 558,000 barrels per day next year. The Russia undertook to perform an even greater effort reducing 300,000 bpd.
In its report, OPEC said that if the countries of the group, as well as the other producers applied the combined, the reverse will begin to download and the value will be valued. The national agency that the benefit will reach also scored yet the tanker market, which boosted by China might achieve 11,900,000 bpd.