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PVM Midday Report 06 March 2015

Published Friday, March 6th, 2015

Headlines

  1. April North Sea BFOE output set at 960,000 bpd, up on 948,000 bpd planned in March
  2. Iranian oil official hints at increased oil sales once Western sanctions are lifted
  3. South Sudan peace talks abandoned without agreement on date for next meeting
  4. German and Spanish January industrial output climbs 0.6% and 0.4% m/m respectively
  5. Greece repays first IMF loan instalment, issues updated set of reforms to eurozone lenders

Oil                                                                                              

Fundamentals: As Iran and world powers work towards a nuclear deal, an Iranian oil official has hinted that it would sell more oil once Western sanctions were lifted and only expects oil prices to climb above $60 sometime next year. April loadings of North Sea BFOE have been set at 960,000 bpd, a small increase from the 948,000 bpd planned in March. Meanwhile, South Sudan’s oil output looks likely to remain a third below pre-conflict levels for the time being after peace talks between government officials and rebels were adjourned with no date for a subsequent meeting being agreed on.

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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.