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PVM Midday Report 24 February 2015

Published Tuesday, February 24th, 2015

Headlines

  1. OPEC delegate reveals no emergency gathering planned before scheduled June meeting
  2. Libya’s Sarir and Messla oilfields halt production after power outage
  3. Greek economic proposals revealed, pledges to not roll back privatisations
  4. Eurozone inflation confirmed at -0.6% in January, lowest level since July 2009

Oil                                                                                              

Fundamentals: A delegate from OPEC has attempted to dispel rumours of a looming emergency meeting after revealing that the cartel does not plan to meet at any time before its scheduled ordinary meeting in June. Libya’s efforts to increase its oil production have been dealt a fresh blow after operations at its Sarir and Messla oilfield, which supply the recently opened port of Hariga, were halted due to a power cut. Meanwhile, strike action by refinery workers in the US has expanded to 15 plants with a fifth of US crude refining capacity said to now be affected in what is the largest strike of its kind since 1980.

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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.