r this period while we model the second half surplus at +177 kb/d. Deutsche Bank AG/London Figure 2: Global crude oil balances normalise in 2017E OECD Stock Change (rhs) Balance (rhs) Global Oil Demand (lhs) 100 84 86 88 90 92 94 96 98 mm b/d Surplus Global Oil Supply (lhs) mm b/d Deficit 2007 2