The IEA Thursday said the oil market is "very close" to balance.
In its monthly report, the IEA said compliance with output cuts by OPEC members has been "impressive."
It noted that the compliance rate by non-OPEC producers has been increasing.
OPEC members agreed to cut production by 1.2 mn bpd in the first six months of this year.
Non-OPEC producers such as Russia which have agreed to cut 558,000 bpd.
"So far, the game has gone fairly well for producers," the International Energy Agency said.
There has been talk of a possible extension of the accord for a further six months.
The IEA said an extension of the accord would help reduce stockpiles.
The Paris-based agency forecast non-OPEC supply to rise by 485,000 bpd this year.
It sees U.S. output increasing by 680,000 bpd by the end of this year.
It cut its consumption growth forecast for 2017 by 100,000 bpd to 1.3 mn bpd.
WTI was up 0.02% at $53.12 after the report
In its monthly report, the IEA said compliance with output cuts by OPEC members has been "impressive."
It noted that the compliance rate by non-OPEC producers has been increasing.
OPEC members agreed to cut production by 1.2 mn bpd in the first six months of this year.
Non-OPEC producers such as Russia which have agreed to cut 558,000 bpd.
"So far, the game has gone fairly well for producers," the International Energy Agency said.
There has been talk of a possible extension of the accord for a further six months.
The IEA said an extension of the accord would help reduce stockpiles.
The Paris-based agency forecast non-OPEC supply to rise by 485,000 bpd this year.
It sees U.S. output increasing by 680,000 bpd by the end of this year.
It cut its consumption growth forecast for 2017 by 100,000 bpd to 1.3 mn bpd.
WTI was up 0.02% at $53.12 after the report
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