PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
The Phony War continues and there is not much more to be said that we are not all well aware of. Everybody is in a bit of a hole. Putin cannot withdraw his troops to barracks. It is particularly difficult to achieve when you deny that the troops concerned belong to you. I guess the old adage that if it speaks Russian, looks Russian, carries Russian military hardware and drives vehicles with Russian number plates then it probably is Russian holds true. But let’s not underestimate the ability of diplomats to use the denial and accept that it was “local self-defense forces” as an unconvincing way out of the impasse.
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