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PVM Midday Report 26 February 2015

Published Thursday, February 26th, 2015

Headlines

  1. Angolan crude production slip 2.6% y/y in 2014 to 1.67 mbpd
  2. Venezuela’s El Palito refinery offline since Monday
  3. German unemployment falls 20,000 in Feb; consumer morale climbs to 13-year high
  4. Ukraine military set to begin withdrawing heavy guns from frontline

Oil                                                                                              

Fundamentals: Angola has revealed that oil production averaged 1.67 mbpd in 2014, down 2.6% from the previous year, but remains confident of increasing crude output to 2 mpbd by 1Q 2016. Operations at the El Palito refinery in Venezuela have been halted since the start of the week following problems with a compressor while the country’s biggest refinery continues to operate at half its capacity due to a faulty crude distillation unit. Meanwhile, despite a recent decline in oil output, Kazakhstan has maintained its target of producing 86 million tonnes of oil in 2017 and 104 million tonnes by 2020, up from current levels of around 80 million tonnes.

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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.