A deal to freeze oil production by OPEC and non-OPEC producers will have a limited impact on global supply, the International Energy Agency (IEA) said in its monthly report.
"If there is to be a production freeze, rather than a cut, the impact on physical oil supplies will be limited," Reuters cited the IEA as saying.
"With Saudi Arabia and Russia already producing at or near record rates and very little upside seen apart from Iran any deal struck will not materially impact the global supply-demand balance during the first half of 2016," the IEA said.
The IEA expects stocks to grow by 1.5 million bpd in the first half of 2016, slowing to 0.2 million bpd in the second half - unchanged from last month.
