PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Headlines
- Iran condemns Saudis for Yemen intervention, calls for immediate stop to military actions
- Deliveries of Iraqi oil via Turkey since the start of last year reach 47 million bbls
- Estimates of Iranian crude stored offshore rises to 30 million bbls
- German consumer morale climbs to more than a 13-year high this month
- UK retail sales increase by a better-than-expected 0.7% m/m in February
Oil
Fundamentals: Iran has condemned Saudi Arabia for its involvement in the military intervention in Yemen and demanded an immediate halt to all actions. The fear of potential disruptions to oil supplies in the region has prompted Egypt, which is allied to the Arab nation, in sending naval vessels to secure key shipping routes in the Gulf of Aden. Fellow GCC member Kuwait is said to be raising security levels at its domestic and foreign oil facilities in light of the developments in Yemen. The conflict may undermine ongoing nuclear negotiations with Iran whose stocks of crude held offshore in its fleet of super tankers are thought to stand at 30 million from bbls, a rise from a previous estimate of 20 million bbls. Meanwhile, officials have revealed that oil deliveries from Iraq via Turkey have totalled 47 million bbls since the start of 2014.
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