There is evidence that oil prices are stabilising and could even begin to rise again, the International Energy Agency (IEA) has said.
It said lower oil output in the US and other countries was helping to curb the glut in the supply of oil.
The increase in supply from Iran has also been less dramatic than first feared, the IEA said.
Oil prices have plummeted 70% since June 2014, falling as low as $27 per barrel earlier this year.
The IEA, which coordinates energy policies of industrialised nations, said it now believed non-Opec output would fall by 750,000 barrels per day (bpd) in 2016, compared with its previous estimate of 600,000 bpd.
US production is forecast to decline by 530,000 bpd this year, it said.
“There are clear signs that market forces… are working their magic and higher-cost producers are cutting output,” the IEA said.
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