Two years after oil prices began their slide, trade participants are still trying to make sense of the slump that has taken prices down as much as 70 percent.
At an energy conference in Singapore on Wednesday, experts agreed lower prices are finally starting to put the brakes on production growth, but they can't seem to agree on when a meaningful supply-demand rebalancing will happen.
Here's what some of them think:
International Energy Agency's Energy Markets and Security Director, Keisuke Sadamori
The IEA expected high oil stock levels to put a lid on price levels, although the oil market will move toward a rebalance at the end of 2016, Sadamori said.
"We are seeing OPEC increasing production with the growth led mostly by Saudi and Iraq in 2015; now Iran is leading that growth. So what we are seeing right now is that OPEC production growth is offsetting the decline in non-OPEC supplies, (keeping) global supply rather stable."
The agency expects oil demand growth to slow to 1.2 million barrels a day in 2017 down from 1.4 million barrels a day in 2016, a level that was still "solid" nonetheless, said Sadamori.
Gunvor's Head of Market Research and Analysis, David Fyfe
It'll be another six to nine months before inventories are back at "more normal levels" with a sustainable rise in spot prices from the third quarter of 2017, said Fyfe.
"We are still working through underlying surplus in the petroleum market but I think we are getting there," he added.
Even though crude oil futures are now trading in a contango pattern, the forward month premium has diminished, indicating that there is still an oversupply, he said.