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PVM Midday Report 26 March 2015

Published Thursday, March 26th, 2015

Headlines

  1. Iran condemns Saudis for Yemen intervention, calls for immediate stop to military actions
  2. Deliveries of Iraqi oil via Turkey since the start of last year reach 47 million bbls
  3. Estimates of Iranian crude stored offshore rises to 30 million bbls
  4. German consumer morale climbs to more than a 13-year high this month
  5. 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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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.