The global oil surplus could disappear in 2017

The global oil surplus could be on its way out. 

The International Energy Agency said Tuesday that it expects the global crude oil glut to start disappearing in the first half of next year, much earlier than it previously predicted. But that depends on whether OPEC and partners stick to the plan.

OPEC and its partners recently made an agreement to slash production of oil in order to push prices higher. Non-OPEC nations Russia, Mexico, Kazakhstan and Oman also are in on the deal. 

Production cuts were only agreed upon for six months - a review is due in May. 

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