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PVM Midday Report 17 March 2015

Published Tuesday, March 17th, 2015

Headlines

  1. Kurdish crude flows to port of Ceyhan restored to 400,000 bpd after last week’s stoppages
  2. Angola May exports set to fall to 1.58 mbpd after force majeure declared on Saturno grade
  3. Eastern Libyan ports of Hariga and Zueitina to export 1.2 million bbls in coming days
  4. Nigeria warns that low oil prices will hinder its goal of raising crude output to 4 mbpd
  5. Zew measure of German investor morale hits 13-month high in March

Oil                                                                                              

Fundamentals: Nigeria’s Oil Minister has warned that an extended period of depressed oil prices will leave it struggling to reach its target of increasing crude production to 4 mbpd. The currently oversupplied oil outlook has been compounded by news that crude flows from Kurdistan to the Turkish port of Ceyhan have returned to 400,000 bpd following last week’s disruptions. Moreover, after an industry source claimed that Libyan oil output is close to 500,000 bpd, an oil official has confirmed that the eastern ports of Hariga and Zueitina are set to export 1.2 million bbls in the next few days. Meanwhile, exports of Angolan crude are planned at 1.58 mbpd in May, down from 1.67 mbpd set in April after a force majeure was declared on the Saturno grade.

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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.