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PVM Midday Report 10 March 2015

Published Tuesday, March 10th, 2015

  1. Kuwait OPEC Governor sees no change in oil production policy at June meeting
  2. Flows of Iraqi Kirkuk crude to Ceyhan halted since Monday due to technical problems
  3. North Sea Hound Point jetty will be closed for maintenance between  6 May – 8 June
  4. Iran cuts the April OSP of its Light crude to Asian buyers
  5. Chinese consumer prices rise by 1.4% in Jan; decline in producer prices deepens by 4.8%

Oil                                                                                              

Fundamentals: After the recent announcement that loadings of Iraqi Kirkuk crude have reached 400,000 bpd for the first item since an oil export deal was agreed with Iraq’s central government, it has been revealed that flows to the port of Ceyhan have been suspended since yesterday due to unknown technical reasons. Kuwait’s OPEC governor has signalled that the cartel is expected to maintain its existing oil output policy when the next regular meeting takes place in June. Under pressure from Western sanctions, Iran has once again cut the OSP of its Iran light crude to Asia buyers with April loadings set at a discount of 70cts/bbl to Oman/Dubai. Meanwhile, a maintenance schedule has shown that the North Sea Hound Point oil jetty will be shut from May 6th to June 8th.

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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.