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PVM Midday Report 12 August 2015

Published Thursday, August 13th, 2015

Headlines

  1. IEA upwardly revises 2015 and 2016 global oil demand forecasts by 1.6 and 1.37 mbpd
  2. Chinese implied oil demand dips 4.2% on the month in July to 10.12 mbpd
  3. Iran increases September OSPs for its Light and Heavy crude grade to Asian buyers
  4. China’s central bank acts again to lower daily currency peg
  5. Eurozone industrial production eases 0.4% m/m in June although up 1.2% y/y

Oil                                                                                              

Fundamentals: The IEA has struck a bullish tone in its latest global oil demand growth forecasts for 2015 and 2016 after revising its estimates upwards by 200,000 bpd and 160,000 bpd to 1.6 mbpd and 1.37 mbpd respectively. It however sounded a note of caution with supply continuing to grow rapidly although it did trim its forecast of non-OPEC supply for next year by 200,000 bpd to 57.90 mbpd as low oil prices start to weigh on high cost producers. Moreover, it estimates that OPEC oil output was unchanged at close to a three-year high of 31.79 mbpd in July while it expects Saudi Arabia’s crude production to have slipped to 10.40 mbpd from 10.48 mbpd in June. Meanwhile, preliminary calculations by Reuters have forecast that Chinese implied oil demand fell by 4.2% on the month in July to 10.12 mbpd on slowing vehicle sales.

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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.