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PVM Midday Report 21 October 2015

Published Wednesday, October 21st, 2015

Headlines

  1. Russia reclaims position as top crude oil supplier to China in September
  2. Chinese September exports of gasoline and diesel surge 71% and 391% y-o-y
  3. Iranian energy companies set for minimum 20% JV ownership stake under new oil contracts
  4. Nigerian exports of Qua Iboe crude oil to slip in December to 306,000 bpd

Oil                                                                                              

Fundamentals: Russia reclaimed the position of top crude oil supplier to China from Saudi Arabia last month according to Chinese customs data which showed that it purchased 983,590 bpd of crude from the former-Soviet state and compares with the 961,710 bpd imported from the OPEC de facto leader. Increasing output by China’s smaller and independent refineries has helped drive the country’s exports of gasoline 71% higher on the year in September to 620,000 tonnes while diesel exports rose almost fourfold to 1.11 million tonnes. Meanwhile, Iranian oil officials have revealed that domestic companies are set to have a minimum 20% ownership in any joint venture with foreign corporations under the new oil contracts.

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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.