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PVM Midday Report 09 February 2015

Published Monday, February 9th, 2015

Headlines

  1. OPEC trims 2015 non-OPEC supply growth by 420,000 bpd to 850,000 bpd
  2. Secondary sources sees January OPEC crude output slightly down at 30.15 mbpd
  3. Chinese January daily oil imports dip to 27.22 million tonnes from record high in Dec
  4. German exports surge 3.4% in December in largest monthly increase since September ‘14
  5. Greek industrial production slumps 3.8% in December from a year earlier

Oil                                                                                              

Fundamentals: In its latest monthly report, OPEC has slightly raised its estimate for 2015 global oil demand growth by 20,000 bpd to 1.17 mbpd. Moreover, its sees the fallout from falling oil prices having a big impact on 2015 non-OPEC crude supply growth which it cut by 420,000 bpd to 850,000 bpd. The reduction in non-OPEC crude supply along with hopes of a rebound in oil demand has prompted the cartel to raise its forecast for the call on its own oil in 2015 by 430,000 bpd to 29.21 mbpd. Preliminary data has shown that Chinese daily oil imports fell to 27.22 million tonnes in January from a record 30.3 million tonnes in December and are expected to fall further once strategic oil builds have been completed. Meanwhile, Libya’s Hariga port remains offline as security guards continue to strike in protest against unpaid wages.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.