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PVM Midday Report 05 October 2015

Published Monday, October 5th, 2015


  1. Russian minister warns oil output could fall by 7-8 million tonnes if tax cut not applied
  2. September Kurdistan oil exports reach 600,463 bpd, up 127,000 bpd from Aug
  3. Plans to boost UAE oil production capacity to 3.5 mbpd by 2017 remain on track
  4. Speculators cut bets on rising ICE Brent crude prices by 2.5% in week to September 29
  5. Eurozone investor morale dips to 9-month low in Oct; Aug retail sales flat on the month


Fundamentals: Russia’s Energy Minister has warned that its crude oil production may fall by 7-8 million tonnes next year if a previously agreed cut in its oil export duty is not implemented. He also added that it remained prepared to meet with both OPEC and non-OPEC producers to discuss the oil market imbalance. His counterpart from the UAE has announced that the Arab OPEC member remains on track to boost its oil output capacity to 3.5 mbpd by 2017. Oil exports from the semi-autonomous Kurdistan region in northern Iraq averaged 600,463 bpd in September which is a rise of around 127,000 bpd from the previous month. Meanwhile, speculators in ICE Brent crude have trimmed bets on rising prices with net speculative length easing by 4,362 lots to 169,457 contracts in the week to September 29.

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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.