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PVM Midday Report 10 February 2015

Published Tuesday, February 10th, 2015

Headlines

  1. IEA leaves 2015 global oil demand growth unchanged at 900,000 bpd
  2. Libya’s Hariga oil port resumes operations after workers end strike
  3. Iran cuts March Light crude OSP to Asian buyers by 90cts/bbl
  4. Unemployment rate in OECD countries dips by 0.1% to 7.1% in December
  5. French & Italian factory output climbs 1.5% & 0.4% respectively in December

Oil                                                                                              

Fundamentals: The IEA has warned that abundant oil inventories may prompt prices to fall in the near-term before recovering in the second half of the year. In its latest monthly report, it left its 2015 estimate for global oil demand growth unchanged at 900,000 bpd and stressed the threat of downward price pressures as a result of crude stocks reaching close to all-time highs. Moreover, it forecast that OPEC production fell by 240,000 bpd in January to 30.31 mbpd and sees the 2015 call on OPEC crude rising by 200,000 bpd to 29.4 mbpd. Meanwhile, Libya’s Hariga port is set to resume operations after security guards ended their strike and Iran has cut its March light OSP to Asian buyers by 90cts/bbl from the previous month.

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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.