IEA's Sadamori: Asia will lead global demand growth in 2017 - CNBC

In an interview with CNBC's "Squawk Box” on Tuesday, Keisuke Sadamori, director of the Energy Markets and Security Directorate at the International Energy Agency (IEA), noted, "The agreement to cut production between OPEC and some non-OPEC countries seems to have been seeing quite good implementation in terms of compliance.”

He added, “"This year, we are seeing substantial decrease in OPEC's production levels. But at the same time, as we are starting from high inventory level, the market's view is that we still have plenty of oil in the tank. So in terms of the market's expectation, it is really hard to see people feel confident that the re-balancing is happening soon."

“Both the very robust demand growth and declining supply will increase the import requirement of the Asian continent," said Sadamori.