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PVM Midday Report 30 March 2015

Published Monday, March 30th, 2015

Headlines

  1. Sources claim major sticking points remain in Iranian nuclear talks, unsure of a deal
  2. Libyan oil output at 564,000 bpd and expected to rise in the next few days
  3. Crude flows along Kirkuk-Ceyhan pipeline halted but are expected to resume this evening
  4. Speculators increase net length in ICE Brent crude to highest level since July 2014
  5. Saudi-led military actions in the Yemen continue for a fifth day

Oil                                                                                              

Fundamentals: Iranian nuclear talks have intensified ahead of tomorrow’s deadline although a western diplomat has revealed that significant sticking points remain and it is unclear as to whether a deal can be reached in time. A Libyan oil official has stated that it is too early to say when the ports of Es Sider and Ras Lanuf will reopen and also announced that the country’s oil output stands at 564,000 bpd and is expected to rise in the next few days. Crude flows along the Kirkuk-Ceyhan pipeline, which have until recently reached 425,000 bpd, have been halted due to technical issues but are expected to resume this evening.

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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.