The global oil surplus is beginning to shrink due to stronger-than-expected European and US demand growth, as well as production declines in OPEC and non-OPEC countries, the International Energy Agency said on Wednesday. The agency, which coordinates the energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day from 1.5 million bpd. OECD demand growth continues to be stronger than expected, particularly in Europe and the US, the Paris-based IEA said.
CLI for India for the month of July shows that economic growth is gaining momentum. The chart shows that CLI for July, although up from the preceding month, is still below where it was a year ago. Growth has started to revive from June 2017 and gained further momentum in July. Hopefully, this time the rising CLI will be a pointer to higher growth in the current quarter.