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PVM Midday Report 28 October 2015

Published Wednesday, October 28th, 2015

Headlines

  1. Iran’s crude and condensate exports slip to 7-month low in October at 1.07 mbpd
  2. Iraq displaces Saudi as top crude oil supplier to India for third time this year in September
  3. Saudi’s 400,000 bpd Yasref refinery upped to full capacity as product margins improve
  4. Sweden’s Riksbank expands asset-buying programme
  5. Norway’s oil fund reports second straight quarterly loss

Oil                                                                                              

Fundamentals: Iraq reclaimed top spot from Saudi Arabia in terms of crude oil exports to India for the third time this year in September as sales bounced 36% on the month and comes despite a 7.4% fall in overall Indian oil imports during the same period. Foreign sales of Iran’s crude and condensate fell to a seven-month low of 1.07 mbpd in October which was down 13% compared with September. Staying with Iran, an oil official has claimed that oil production capacity from its southern oil fields has increased by 150,000 bpd after three desalination plants became operational. Meanwhile, Saudi’s 400,000 bpd Yasref refinery is said to be operating at full capacity after having run at about 75% in September owing to lower margins and maintenance work.

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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.