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PVM Midday Report 27 March 2015

Published Friday, March 27th, 2015

Headlines

  1. Goldman Sachs sees little impact on short-term oil fundamentals from Yemen situation
  2. Russian Finance Minister announces moves to lessen dependence on oil revenues
  3. Iraqi Oil Minister expects prices to reach $70 by year-end
  4. Italian industrial orders slip 3.6% m/m in January; compares with +4.5% in December
  5. 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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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.