In its first deal since 2008, OPEC agreed in November to cut oil output by 1.2 million barrels per day (bpd) to 32.5 million barrels starting from January 1.
The cartel's biggest producer Saudi Arabia pledged to slash around 480,000 bpd.
Producers from outside OPEC have also joined the deal agreeing to cut production by 558,000 bpd, short of the planned 600,000 bpd, but still the biggest contribution seen from non-OPEC producers.
Russia will make the most significant contribution with a 300,000 bpd cut.
According to the IEA report, before the agreement among producers the agency suggested that the market would re-balance by the end of 2017 “but OPEC, Russia, and other producers are looking to speed up the process.” “Success means the reinforcement of prices and revenue stability for producers after two difficult years; failure risks starting a fourth year of stock builds and a possible return to lower prices.