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PVM Midday Report 08 December 2015

Published Tuesday, December 8th, 2015

Headlines

  1. Chinese crude oil imports jump by 7.6% y-o-y in November to 6.65 mbpd
  2. Saudi crude oil supplies to Asia seen rising in final two months of 2015
  3. Indonesia hints that OPEC should only hold emergency meeting if oil falls below $30/bbl
  4. Eurozone 3Q GDP confirmed at +0.3%; in line with preliminary estimate

Oil                                                                                              

Fundamentals: Chinese crude oil imports were seen increasing by 7.6% y-o-y in November to 6.65 mbpd and compares to a y-o-y rise of 7.1% in October. The uptick in crude purchases is expected to be maintained as Beijing takes advantage of low oil prices to add to strategic oil stockpiles while product imports have continued their downward spiral as domestic refinery activity edges up. Low Saudi crude oil prices relative to other Middle-Eastern producers has seen its oil supplies to Asia rise in the final two months of this year. This has partly helped the Kingdom’s oil exports to the region average around 4.6 mbpd in the Jan-Nov period which is up 12% on the same period last year. Meanwhile, following its return to OPEC, Indonesia has indicated that an emergency meeting should only be held if oil falls to $30/bbl.

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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.