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PVM Midday Report 13 October 2015

Published Tuesday, October 13th, 2015

Headlines

  1. IEA trims 2016 global oil demand growth forecast by 150,000 bpd to 1.2 mbpd
  2. Iraq set to export 2.819 mbpd of Basra crude in Nov; down on 3.68 mbpd planned in Oct
  3. Chinese September crude oil imports at 6.83 mbpd; up from 6.29 mbpd in August
  4. German investor morale slumps to 1.9 this month from 12.1 in September on VW scandal
  5. UK annual inflation rate slips into negative territory for second time this year

Oil                                                                                              

Fundamentals: Chinese crude oil imports during the January-September period of this year were seen climbing 8.8% to 6.6 mbpd with oil imports last month averaging 6.83 mbpd compared to 6.29 mbpd in August. A preliminary loading programme has revealed that Iraq is to export 2.819 mbpd of Basra crude in November from its southern terminals which is significantly down from the record 3.698 mbpd planned for this month. Meanwhile, the IEA has released it latest oil demand and supply estimates in which it trimmed its projection for 2016 global oil demand growth by 150,000 bpd to 1.2 mbpd. Moreover, it predicts non-OPEC supply will shrink by 500,000 bpd next year to 57.8 mbpd which is 100,000 bpd more than its previous forecast.  As for OPEC crude output, it saw it rising marginally by 90,000 bpd 31.72 mbpd last month on increasing Iraqi production.

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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.