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PVM Midday Report 11 March 2015

Published Wednesday, March 11th, 2015

Headlines

  1. Russian official expects 2015 crude exports to rise with output staying above 10 mbpd
  2. Crude exports from Iraq’s southern terminals are set to decline to 2.4 mbpd in April
  3. Reuters calculations point to a 4% y/y rise in Jan-Feb Chinese implied oil demand
  4. Libyan oil official confirms 1 million bbls loaded at Hariga port
  5. US mortgage applications index slips 1.3% in the week to March 6

Oil                                                                                              

Fundamentals: Russia’s Energy Minister expects crude exports to rise this year as domestic refineries reduce capacity with oil output staying above 10 mbpd. This comes as a report reveals that Japanese crude imports from Russia may hit an all-time high this year after recording a 63% y/y rise in January. The same can’t be said for oil exports from Iraq’s southern terminal which are set to ease to 2.4 mbpd in April from 2.65 mbpd in March. Chinese implied oil demand climbed 4% in the first two months of 2015 compared to a year ago according to Reuters calculations. Meanwhile, a Libyan oil official has confirmed that a tanker has loaded 1 million bbls of crude at the Hariga port with another tanker expected to dock before the end of the week.

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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.