The global oil surplus is beginning to shrink due to stronger-than-expected European and U.S. demand growth, as well as production declines in OPEC and non-OPEC countries, the International Energy Agency said on Wednesday. The agency, which coordinates energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (bpd) from 1.5 million bpd. “OECD demand growth continues to be stronger than expected, particularly in Europe and the U.S.,” the Paris-based IEA said. “Based on recent bets made by investors, expectations are that markets are tightening and that prices will rise, albeit very modestly,” the IEA said. Robust demand in industrialised countries was a key factor behind global demand growing 2.3 million bpd in the second quarter, the highest quarterly […]