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
- Goldman Sachs sees little impact on short-term oil fundamentals from Yemen situation
- Russian Finance Minister announces moves to lessen dependence on oil revenues
- Iraqi Oil Minister expects prices to reach $70 by year-end
- Italian industrial orders slip 3.6% m/m in January; compares with +4.5% in December
- French consumer morale climbs to more-than-a four year high this month
Oil
Fundamentals: Iraq’s Oil Minister expects oil prices to rise to $70 by the end of the year and sees little chance of them revisiting the lows of January. Moreover, he downplayed the impact on prices of recent Middle Eastern tensions and confirmed that its target of producing 9 mbpd of crude by 2020 remains in place. Russia’s Finance Minister has announced investments in its non-resources sector as it strives to rid the country of its heavy dependence on oil revenues. Meanwhile, fresh air strikes on the Marib oil producing region in Yemen have failed to support the energy complex which is weaker as the geopolitical premium fades.
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