The pairs based International Energy Agency (IEA), in its medium-term report, says oil supply growth is plunging as an extended period of low prices takes its toll, while US light, tight oil (LTO) output is falling steeply for now. Key points the market will begin rebalancing in 2017 – and by 2021 the United States and Iran are seen leading production gains among non-OPEC and OPEC countries, respectively. Oil prices should start to rise gradually once the market begins rebalancing, the availability of resources that can be easily and quickly tapped will limit the scope of rallies – at least in the near term. The IEA sees 4.1 million barrels a day (mb/d) being added to global oil supply between 2015 and 2021, down sharply from the total growth of 11 mb/d in the period 2009-2015. For more information, read our latest forex news.