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PVM Midday Report 18 March 2015

Published Wednesday, March 18th, 2015

Headlines

  1. Libyan oil deals still being settled through Tripoli-based NOC belonging to rival government
  2. Saudi oil exports nudged higher to 7.474 mbpd in January from 6.934 mbpd in December
  3. Iranian Oil Minister calls on non-OPEC producers to cut crude production
  4. Slowing Chinese strategic petroleum reserve fills set to dampen demand for crude imports
  5. UK employment rate climbs to 73.3%; growth in average weekly earnings slows to +1.8%

Oil                                                                                              

Fundamentals: A Libyan oil official from the internationally recognised government confirmed that all exports from the country are still being settled via the NOC belonging to the rival government based in Tripoli and has asked customers to purchase crude through its newly establish NOC. Official data has shown that Saudi January crude exports climbed to their highest level in nine months at 7.474 mbpd. The renewed downward pressure on oil prices has prompted the Iranian Oil Minister to call on non-OPEC producers to cut output and added that he sees little “good co-operation” between producers. Further price weakness may be on the cards after a report indicated that a slowdown in Chinese strategic petroleum reserve fills will dampen their demand for oil imports.

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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.