Article today from Oil & Gas Journal (OGJ website): "IEA: Most recent OMR shows oil markets tightening"
"Oil markets are tightening, as stockpiling gradually slows and inventories start to draw in the second half of 2016, the International Energy Agency forecast in its most recent monthly Oil Market Report."
" ... IEA said it expects global oil demand growth to climb to a 5-year high of 1.7 million b/d in 2015 before moderating to 1.4 million b/d in 2016, ..."
" ... we are finally seeing meaningful reductions in actual output, ..."
"The loss of around half a million barrels per day in production is equivalent to the entire output of individual countries, such as OPEC member Ecuador, or even Libya’s current production level. It is a significant reduction, and one that is accelerating."