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Activity rebounded in the USA after a weak first half of CY 2016, as the economy approaches full employment.
The US Federal Reserve continued with the interest rate normalisation cycle in FY 2016-17 by increasing rates twice, in Dec 2016 and Mar 2017.
Global oil price strengthened in FY 2016- 17, supported by the OPEC non-OPEC co-operation to cut oil production in the last quarter of CY 2016.
India became the second largest contributor to the global oil demand growth in terms of incremental oil demand.
The global low interest rate and abundant liquidity cycle is likely to slowly normalise.
On the domestic front, India remained the fastest growing major economy in the world, after surpassing China last year.
Refining business was supported by stable middle distillate cracks, benign global demand growth and optimised crude sourcing.Favourable naphtha cracking economics, firm domestic demand and higher volumes in polyester chain underpinned record earnings from the Petrochemical business.RIL progressed completion of the ongoing hydrocarbon projects with the phase wise commissioning of Paraxylene plant at Jamnagar, making it the 2nd largest producer of PX globally.The reform process would further help boost India’s position in the global arena.Global oil demand growth remained robust at 1.6 million barrels per day in CY 2016 led by a 3.3 % y-o-y growth in demand from the non-OECD countries.