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PVM Midday Report 08 August 2014

Published Friday, August 8th, 2014

  1. Output has been suspended by Afren at their Barda Rash oilfield
  2. Inexpensive West African crude oil may increase supply in Asia
  3. The Kurdish oil pipeline through Turkey is functioning as normal despite militant advance
  4. Marine fuel exports from Iran will be stalled for at least one month
  5. Statistics reveal demand revival is absent from China’s mixed commodities imports



We have seen a classic reaction to a geopolitical event in an oil producing region this morning. When the possibility of US airstrikes in Northern Iraq surfaced stock market started to fall. The Nikkei 225 index closed nearly 3% down on the day and Europe is following suit. European stocks are down 1% and the US stock market will most likely follow this downward trend. Elsewhere, Greek industrial output fell 6.7% in June compared to the same period in 2013.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.