Global crude prices are poised for an upswing through the end of 2017 as inventory levels tig

hten, but growing supply is likely to outstrip demand next year, leading to market surpluses, a

panel of industry analysts said Wednesday the S&P Global Platts Asia Pacific Petroleum Conf

erence. 

The looming supply growth is mostly due to two factors: the scheduled end of OPEC/non-OP

EC production cuts in March and US shale production, including NGLs, "growing like crazy," s

aid New York-based Mike Wittner, managing director and global head of oil research at Societ

e Generale. 

"I don't think we go any higher than we are today," said Wittner, reflecting on prompt-month I

CE Brent futures that closed at more than two-year highs approaching $60/b this week. 

Wittner pointed to "big product draws" due to the fallout from recent US Gulf Coast hurricanes

helped push oil prices toward that high this week, along with potential geopolitical risk from M

onday's Kurdish independence referendum in Iraq. 

The OPEC/non-OPEC coalition would need to extend its production cut agreement through all

of 2018 for the market to balance, Wittner said. 

The agreement calls on OPEC and 10 non-OPEC producers, led by Russia, to cut a combine

d 1.8 million b/d in supplies. 

At a meeting of the five-country monitoring committee overseeing the deal in Vienna on Frida

y, ministers said they saw no need at the moment to extend or deepen the cuts, with the third

quarter showing improving fundamentals, but they remain poised to do so as the March expir

y nears, if market conditions warrant.