Hovering close to US$55/bbl, Brent remains stable. Price has been supported by strong adherence to the OPEC and non-OPEC production cut agreement – led by Saudi and the GCC, and Russia on the non-OPEC side. Global oil supply has fallen by 1.3 million b/d since end-2016. We continue to expect signatories to extend this production cut agreement to end-2017, supporting price through this year. However, on the demand side, the engines of growth appear to have slowed or stalled. We assess whether this is temporary, or structural.