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According to the report, Africa's oil supply is projected to average 2.12 million bpd in 2016.
The lower than expected build will underpin near-term sentiment, although over-supply concerns will continue to be an important feature.
These developments are just ahead of the planned informal oil talks in Algiers, Algeria, on September 26 and 27, fueling speculation that producers might actually be able to agree on something. And output averaged 10.36 million barrels a day from January to August, up 200 kilobarrels a day from the prior year.
Global oil demand is now expected to grow by 1.3 million barrels per day (mb/d) in 2016, to 96.1 mb/d, from its original forecast of 1.4 mb/d growth.
The slowdown is expected to continue into 2017, when demand will shrink again to 1.2 million barrels a day.
The IEA's comments followed a surprisingly bearish outlook from the Organization of the Petroleum Exporting Countries on Monday that also pointed to a larger surplus next year.
Part of the reason for excess oil flooding the market stems from the fact that Saudi Arabia and Iran have each raised their oil output by more than 1 million barrels per day since late 2014. Overall OPEC supply stood 930 kb/d above a year ago.
The organization, which represents 29 major oil-importing nations including the USA, also noted that supplies from the OPEC oil cartel are running at near-record levels as Kuwait and the United Arab Emirates pump at their highest levels ever.
"Crude oil output increased mainly from Saudi Arabia and Iran, while Nigeria and Libya showed the largest drop", the 14-member oil cartel said in the report. "If we do see an agreement and will hold then prepare for something stronger", Urquhart Stewart added. Exxon Mobil shares also moved lower. The increase by Iran, which has been recovering from years of economic sanctions following the worldwide agreement limiting its nuclear program, has been swifter than the IEA expected.
The report prompted Eugen Weinberg, head of commodities strategy for Commerzbank, to remark, "It seems the situation has deteriorated strongly in the eyes of OPEC as well as the IEA. that we are in the third quarter of 2016 and we won't see the "balancing-out" over the next six months is definitely a major change".
In other recent oil news, Saudi Arabia and Russian Federation agreed at the G-20 summit in China last week to cooperate on oil and create a "working group" to stabilize markets.
The Organization of the Petroleum Exporting Countries, led by Saudi Arabia and other big Middle East crude exporters, will meet non-OPEC producers led by Russian Federation at informal talks in Algeria between September 26 and 28.
Crude prices tumbled on Tuesday after the International Energy Agency (IEA) said slowing oil demand growth amid growing inventories and supplies could signal that the market will be oversupplied at least through the first half of 2017.
Still, the report was enough to rattle oil markets.
U.S. West Texas Intermediate crude fell $1.25, or 2.7 percent, to $45.04.
Newton went on to say that he's concentrating on San Francisco's defense, which shut out the Rams 28-0 on Monday night. In regards to the game, it was obvious that the Denver Broncos were targeting Cam Newton.
General Assembly vote, set for October 26, will be the 25th time Cuba has marshaled worldwide support against the embargo. Image taken on April 14, 2016 shows tourists visiting Old Havana, in Havana city, capital of Cuba.
I tried to go back a little bit to make him play more balls, keep him on the backhand side and tried to dictate". Wawrinka, as the third seed, was not even considered a favorite Wednesday because of del Potro's past pedigree.
The US Treasury said it was tightening restrictions on companies' use of foreign tax credits to reduce what they owe in US taxes. Engler also called for an end to all other "state aid" investigations now being pursued by the European Commission.
The Bank has said the new notes are as thin and flexible for folding as paper ones, though they can feel slippery. The new note is stronger than the current note, said Mark Carney, the governor of the Bank of England.
Nintendo said it would roll out the games later this year in December, however, the release date hasn't been confirmed yet. The goal is to collect as many coins and get to the flagpole at the end before the time runs out.
Now that Sanders is out stumping for Clinton, the night will likely be filled with David's mockery of Trump. Fans of " Downton Abbey " and "The Good Wife" are hoping for a victorious sendoff for those shows .
But Mr Corbyn said the apparent differences in opinion are making worse the "huge uncertainty about what comes next" for the UK. Britain made a decision to quit membership of the European Union after a referendum vote on June 23.
Shortly after, Obama appeared at the White House Correspondents' Dinner and publicly ridiculed Trump, who was in the audience. Mark Veasey (D-TX) added. "I'll answer that question at the right time", Trump said. "I just don't want to answer it yet".
On the way to the group stage of the Champions League , Fenerbahce Monaco beat the 4: 3, as well as Villarreal 3: 1. Tottenham have a busy 14 days ahead of them as they prepare for five games in three different competitions.
He said the bank will "take a big wide fresh look at who knew what and when and what else might have been done". Cook predicts that many Wells Fargo customers may now take their business to other banks or credit unions.
NCAA moving 7 championship events out of North Carolina
The following events were pulled from North Carolina: - 2016 Division I Women's Soccer Championship, College Cup, Dec. 2 and 4. Andrew Cuomo (D) banned the New York state university at Albany from playing at a North Carolina school due to HB2.
Carson Wentz's first drive as an Eagle was gorgeous
Wentz, who has been compared to Steelers quarterback Ben Roethlisberger, said he isn't using the Browns' rejection as motivation. The Browns offense, which finished with 248 total yards, struggled down the stretch, converting 2-of-10 attempts on third down.
Putin's popularity: the envy of other politicians
The issue seemed largely resolved on June 29 through a letter and subsequent telephone calls between the countries' leaders. Ties between Moscow and Ankara entered a new phase following the August 9 meeting between Erdogan and Putin in St.
Sri Lanka's Senanayake fined for Warner send-off
De Silva's half-century was the only saving grace for Sri Lanka as they reached 128 for nine in their 20 overs. Zampa and Hastings soon took over to rattle the Sri Lankan middle-order as wickets fell at regular intervals.
Slender Man attorney gives up on juvenile court
The character has developed its own life online, with two feature-length films funded in part by Kickstarter appearing in 2012. They said they were walking to a national forest in northern Wisconsin where they planned to join Slender Man at his mansion.
Mel gibson slams batman v superman
At the Venice Film Festival this week, the notoriously honest actor said, "I'm not interested in the stuff". Now whatever you think of Mel Gibson personally, his resume shows he knows how to make a hit movie.