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PVM Midday Report 13 May 2015

Published Wednesday, May 13th, 2015


  1. IEA cuts 2015 call on OPEC crude by 350,000 bpd; global oil demand growth up 0.03 mbpd
  2. Iran’s Oil Minister expects country’s oil output to reach 5.7 mbpd in three years
  3. Reuters calculations puts Chinese implied oil demand up 7.5% at 10.44 mbpd in April y/y
  4. Technical issue halts crude flows along Kirkuk-Ceyhan pipeline, repairs to take 3-4 days
  5. First estimate of 1Q Eurozone GDP growth at +0.4%, up on +0.3% at end of 2014



Fundamentals: The IEA has surprised many by cutting its 2015 call on OPEC estimate by 350,000 bpd to 29.25 mpbd in its latest monthly report. Moreover, it predicts that the cartel’s crude output rose by 160,000 bpd to 31.21 mbpd in April while global oil demand growth for this year is seen a touch higher from last month’s forecasts at 1.11 mbpd. Iran’s oil minister has announced that it expects to produce 5.7 mbpd in three years’ time, up from 3.8 mbpd currently. A technical issue has halted crude flows along the Kirkuk-Ceyhan pipeline with repairs expected to take anywhere up to 3-4 days. After figures recently revealed that China became the world’s biggest crude importer in April, Reuters calculations put Chinese implied oil demand up 7.5% in the same month from a year earlier at 10.44 mbpd.

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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.