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IEA ups oil demand forecast for 2017, says next few weeks are ‘crucial’ for markets after OPEC deal

The next few weeks will give investors an insight into whether the production cuts by OPEC and non-OPEC will be fully implemented and will be a crucial period for prices of the commodity, according to a new monthly report by the IEA (International Energy Agency).

"For contractual and logistical reasons, we might initially see that the output cuts do not fall neatly into place," the Paris-based organization said in the report Tuesday.

"The deal is for six months and we should allow time for it to be implemented before re-assessing our market outlook. Success means the reinforcement of prices and revenue stability for producers after two difficult years; failure risks starting a fourth year of...