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PVM Midday Report 20 March 2015

Published Friday, March 20th, 2015

Headlines

  1. Angolan crude production to average 1.84 mbpd in 2015, up from 1.67 mbpd last year
  2. Nigerian exports of Bonny Light to hit 2015-high in May, shipments of Qua Iboe to fall
  3. IAEA claims Iran still meeting commitments set by 2013 interim nuclear deal
  4. Greek leadership promises to provide detailed plans of economic reforms to lenders
  5. German producer prices slip by more-than-expected in February

Oil                                                                                              

Fundamentals: Nigerian exports of its Bonny Light crude grade are set to rise in May to a 2015 high of 213,000 bpd although the same can’t be said for the Qua Iboe grade, whose exports during the same month are to fall to 368,000 bpd from 380,000 bpd in April. This comes as reports circulate claiming that Nigeria’s foreign currency reserves are rapidly approaching the dangerous nadir of $30 billion on lower oil revenues and recent interventions to support its waning naira. Staying in Africa, Angolan oil output is expected to average 1.84 mbpd this year, an increase from the 1.67 mbpd produced last year. Meanwhile, with all eyes on the looming nuclear talks deadline, the IAEA has revealed that Iran has continued to abide by the commitments set in the interim deal agreed with western powers in November 2013.

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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.