ESAI Energy forecasts global oil demand to grow by 1.3 million b/d and non-OPEC supplies to rise by only 200,000 b/d in 2017. This means that there is finally room to absorb “too” high OPEC crude production. Indeed, the call on OPEC crude oil should average 33.3 million b/d in 2017. We estimate OPEC production was approximately 33.6 million b/d in October and likely not higher as has been reported by some. These numbers all hint at an improving supply/demand balance in 2017.