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PVM Midday Report 29 September 2015

Published Tuesday, September 29th, 2015

Headlines

  1. Russian Deputy PM warns of 5-10% cut in its crude output if prices stay low
  2. Iranian exports of condensate hits 2015-high in September on Chinese buying
  3. Loadings of North Sea Oseberg crude are set to rise to 120,000 bpd in November
  4. Yemen’s 150,000 bpd Aden refinery restarts operations after five month shutdown
  5. European Commission gauge of business morale climbs to four-year high in September

Oil                                                                                              

Fundamentals: Iranian exports of ultra-light crude or condensate has surged to a 2015-high this month after China resumed purchases following a five month break. The Aden refinery in the south of Yemen has restarted operations for the first time since April when it was forced to issue a force majeure on its oil imports and exports due to the worsening security situation. Russia’s Deputy PM has warned that its crude production could fall by 5-10% if oil prices stay low for several years. Separately, a Russian official from the ministry of natural resources and ecology claimed that 2015 oil output will reach 526 million tonnes which is up a touch from the 525 million tonnes recorded in 2014.

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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.