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PVM Midday Report 16 March 2015

Published Monday, March 16th, 2015

Headlines

  1. OPEC leaves 2015 global oil demand and non-OPEC supply growth unchanged
  2. Secondary sources see OPEC February crude output down 140,000 bpd to 30.02 mbpd
  3. Saudi oil adviser expects prices to rise in the coming weeks on increasing crude demand
  4. Iran and US resume nuclear talks ahead of looming March 31 deadline
  5. IS militants claim responsibility for Tripoli bomb attack

Oil                                                                                              

Fundamentals: In its latest monthly report, OPEC has maintained a number of its key estimates including 2015 global oil demand and non-OPEC supply growth which are unchanged at 1.17 mbpd and 850,000 bpd respectively from its previous forecast. Moreover, it sees the 2015 call on its own crude little changed at 29.19 mbpd from an earlier estimate of 29.21 mbpd while secondary sources claim that the cartel’s crude output dipped by 140,000 bpd to 30.02 mbpd in February. Meanwhile, Iraq and Libya continue to struggle against the rising tide of IS as the former calls for help in removing militants from Tikrit and IS insurgents claim responsibility for a bomb attack in the capital city of the latter. Staying with OPEC members, Iran will be hoping that negotiations with the US over its nuclear programme which resumed today will lead to an agreement before the rapidly approaching March 31 deadline.

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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.