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PVM Midday Report 03 August 2015

Published Monday, August 3rd, 2015


  1. Oil output from Iraq’s southern region climbs to fresh peak of 3.064 mbpd in July
  2. ICE Brent speculators cut net length by a hefty 17% to a 23-week low
  3. Russian crude production dips marginally from post-Soviet high in July to 10.65 mbpd
  4. Loadings of North Sea Brent set to fall by 35,000 bpd in September to 100,000 bpd
  5. Crude flows along Kirkuk-Ceyhan pipeline suspended; expected to resume tomorrow


Fundamentals: Figures from Moscow have shown that Russian crude oil output dipped to 10.65 mbpd in July from June’s post-Soviet high of 10.71 mbpd. This was not the case in Iraq where oil production continues to rise with output in its southern region climbing to a fresh peak of 3.064 mbpd in July, up from 3.02 mbpd in the previous month. This was supported by a Reuters poll released last Friday which estimated OPEC oil output rose 140,000 bpd on the month to another historic high of 32.01 mbpd in July. Loadings of the North Sea Brent crude stream are set to dip in September to 100,000 bpd which is down on the 135,000 bpd planned for August. This comes as speculators trim bets on rising ICE Brent prices by more than 37,500 lots in the week to July 28 to what is their lowest in almost five months.

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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.