OPEC Turmoil Could Turn Balanced Market Into Shortfall -- IEA -- June 16, 2016

Link here.

Data points, observations, comments from the linked article follow:

• world oil production will nearly match consumption in 2017; will end several years of oversupply
• to meet demand, OPEC needs to pump an extra 650,000 bopd over the year -- Bloomberg
• to do that would require solutions to Nigeria's militant attacks; Libya's political divisions; and, Venezuela's economic crisis -- Bloomberg is optimistic on any of these
• by end of next year (2017), OPEC would need to pump nearly 1 million bbls above last month's production level to keep the market balanced 
• Nigeria: production at a 28-year low of 1.4 million bopd (about 500,000 bbls below full capacity)
• Libya: at 270,000 bopd in May, just a fracked of the 1.6 million bopd it pumped under Qaddafi in 2011
• Venezuela: at 2.3 million bopd last month, the lowest since 2009; on track to drop another 100,000 bopd
• Iran: could provide some relief; currently around 3.7 million bopd
• global supply: after two years of oversupply, the west has more than 3 billion bbls in storage (sounds like a lot; 3 billion bbls / 100 million bbls = 30 days) -- but that oversupply is said to be "enormous" and "dampens the prospects of a significant increase in prices"
• OPEC: will pump 33.3 million bopd in 2017 compared to 32.6 million bopd in May, 216 -- IEA
• but Bloomberg notes that if OPEC output falls short of IEA estimates, those stockpiles would start to shrink rapidly (yes, 3 billion bbls / 100 million bbls = 30 days)

Oilprice pretty much says the same thing. Is talk about "re-balancing" oil supply and demand in the near future similar to all that talk about "Peak Oil" some years ago? I'm not so sure.