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PVM Midday Report 15 April 2015

Published Wednesday, April 15th, 2015

Headlines

  1. IEA raises 2015 oil demand growth by 90,000 bpd to 1.08 mbpd
  2. Chinese implied oil demand rose by 7.6% in March to 10.53 mbpd according to Reuters
  3. Russia holds “unprecedented” consultations with OPEC
  4. Chinese economic growth slows to six-year low of 7% in 1Q 2015
  5. US mortgage applications index slips by 2.3% in week to April 10

Oil                                                                                              

Fundamentals: In its latest monthly report, the IEA has upwardly revised its 2015 global oil demand growth by 90,000 bpd to 1.08 mbpd while also trimming its estimate of 2015 US crude output growth by 50,000 bpd to 550,000 bpd. Moreover, it has left the forecasted 2015 call on OPEC unchanged at 29.5 mbpd despite its calculations that the cartel’s output surged to a near two year-high of 31.02 mbpd in March. With OPEC recently hinting that it was open to a collaborative cut in production with non-OPEC producers, Russia’s Deputy PM has announced that it was holding “unprecedented” talks with the cartel but did not go into further detail. Meanwhile, Chinese implied oil demand rose by 7.6% last month to 10.53 mbpd according to Reuters.

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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.