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PVM Midday Report 13 November 2015

Published Friday, November 13th, 2015

Headlines

  1. IEA leaves 2016 oil demand growth unchanged at 1.2 mbpd; down from 1.8 mbpd this year
  2. OPEC oil output steady at 31.76 mbpd in Oct; 2016 call on its crude raised to 31.3 mbpd – IEA
  3. Iraq overtakes Saudi Arabia as second-biggest supplier of crude to Europe after Russia
  4. Exports of Iraq’s Basra crude set to rise in Dec’ to 2.9 mbpd from 2.819 mbpd planned in Nov’
  5. Eurozone 3Q GDP growth eases to +0.3% from 0.4% in the second quarter

Oil                                                                                              

Fundamentals: The IEA has shied away from making any major revisions to its oil demand/supply forecasts in its latest report with 2016 global oil demand growth unchanged at 1.2 mbpd which represents a significant slowdown from this year’s 1.8 mbpd. It also reported that OPEC oil output held steady in October at 31.76 mbpd although it raised the call on the cartel’s crude for next year by 200,000 bpd to 31.3 mbpd. Non-OPEC supply is expected to shrink by 600,000 bpd next year to 57.7 mbpd and it also revealed that OECD oil stockpiles have risen to a fresh record at just below 3 billion bbls. In a side note, the IEA announced that Iraq overtook Saudi Arabia as the second-biggest supplier of crude to European customers. Meanwhile, exports of Iraq’s Basra crude from its southern oil terminals are set to increase to 2.9 mbpd in December which is up from 2.819 mbpd planned this month.

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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.