The chief executive of the International Energy Agency (IEA) said a re-balancing of world oil markets could occur in the first half of next year.
Fatih Birol made the comments as he said the change could be made if production cuts by Opec and other producers are implemented.
He told a conference in Prague that higher oil prices could weaken global demand.
It comes after an agreement was reached between Opec member countries earlier this month.