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Oil agreement could bring market into balance sooner, says IEA executive

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A floor hand for Raven Drilling lines up a pipe while drilling for oil in the Bakken shale formation in North Dakota, in the United States.

ISTANBUL—An agreement between oil producers to curtail their output could bring the market back into balance sooner than expected, but significant questions remain over how such a deal would be implemented and its longer-term impact, the International Energy Agency’s executive director said Monday.

The IEA has predicted that left to its own devices, the oil market CLX6, +2.71% would rebalance in the second half of 2017, but a deal between producers could hasten this shift, Fatih Birol told reporters on the sidelines of an energy conference in Istanbul.

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