Falling global crude oil stockpiles in 2017 will help put the market “roughly” into balance in 2018, but an increase in prices could be limited, especially if the Organization of Petroleum Exporting Countries doesn’t stick to its agreement to curb output, the International Energy Agency said.

In its monthly Oil Market Report for October, IEA noted that recent upward momentum in crude prices was provided by uncertainty with suppliers such as Libya, Venezuela, Iran, and northern Iraq, signs of possibly slower-than-expected growth in US shale production, and strong oil demand, IEA explained.

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