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 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Sources: IEA, Deutsche Bank Research -3.0 -2.0 -1.0 0.0 1.0 2.0