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PVM Midday Report 23 March 2015

Published Monday, March 23rd, 2015

Headlines

  1. Three crude tankers set to load 1.7 million bbls this week from eastern Libyan ports
  2. Production of Angola’s Saturno oil grade resumes but force majeure on its export remains
  3. Libya’s eastern NOC reveals current oil output at around 290,000 bpd
  4. Speculators cut net length in ICE Brent by 3,760 lots in week to March 17

Oil                                                                                              

Fundamentals: Libya’s eastern state-owned oil firm has revealed that current crude output stands at around 290,000 bpd. This comes after it was announced that three tankers are set to load a combined 1.7 million bbls of oil from the eastern ports of Hariga and Zueitina this week. Production of Angolan Saturno crude resumed over the weekend following a power cut a week earlier but the force majeure on the exporting of this grade remains in place. Reuters has reported that BP is to carry out planned maintenance in the second of half of June at its North Sea Sullom Voe oil terminal with some loadings still taking place. Moreover, it revealed that no maintenance was scheduled during the same period at its Forties pipeline. Meanwhile, speculators have trimmed net length in ICE Brent by 3,760 lots to 185,611 in the week ended March 17.

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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.