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.