The Battle for Oil

 With supply contracting and demand rising, the production glut will all but disappear by late 2016. The IEA even says the markets could tighten significantly. "The sizeable anticipated loss of overall non-OPEC output and robust demand growth suggest that unless prices recover, lower-cost OPEC producers would need to turn up the taps during the second half of 2016 to keep the market in balance." It may be unthinkable right now, but the IEA is saying that oil markets could reverse from glut to a slight shortage, and OPEC might need to ramp up production toward the end of next year to avoid a price spike.
The oil market is even more oversupplied than we had expected and we now forecast this surplus to persist in 2016, we continue to view US shale as the likely near-term source of supply adjustment.