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PVM Midday Report 04 March 2015

Published Wednesday, March 4th, 2015

Headlines

  1. Saudi Oil Minister claims to have no knowledge of a planned OPEC extraordinary meeting
  2. Mexico Finance Minister warns that oil output could fall further from current 20-year low
  3. Abu Dhabi NOC retroactively raises February Murban crude OSP to  $56.55/bbl
  4. Final Eurozone Services PMI climbs to 53.7 in Feb, Composite reading up to 7-month high
  5. US mortgage applications index rises 0.1% in week to February 27

Oil                                                                                              

Fundamentals: Saudi Arabia’s oil minister has dismissed any plans for an extraordinary OPEC meeting and once again reiterated that it can’t and won’t be relied upon to cut oil production to bring oil markets in balance. Mexico’s finance minister has warned of the impact of low oil prices on his country’s finances and hinted that its crude output could fall further from the current 20-year low. Meanwhile, Abu Dhabi’s NOC has retroactively raised the February OSP of its Murban crude to $56.55/bbl which represents a $10.15/bbl premium over the January selling price.

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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.