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PVM Midday Report 11 December 2015

Published Friday, December 11th, 2015

Headlines

  1. IEA leaves 2016 global oil demand growth unchanged at 1.2 mbpd; sharply down on 2015
  2. OPEC crude oil output rises by 50,000 bpd in November to 31.73 mbpd – IEA
  3. Chinese strategic crude oil stockpiles double to 190 million bbls in first half of 2015
  4. IMF gives upbeat assessment of UK economy although warns of EU vote risks

Oil                                                                                              

Fundamentals: The IEA has predicted that the global oil glut will continue well into next year after leaving its oil demand growth forecast for 2016 unchanged at 1.2 mbpd which is significantly down on this year’s figure of 1.8 mbpd. It also left its estimate for the call on OPEC crude for next year unchanged at 31.1 mbpd and revealed that the cartel’s oil output inched higher to 31.73 mbpd in November in what was a 50,000 bpd increase from the previous month. Although global oil inventories are forecast to build in the medium-term, it pointed out that OECD commercial stocks fell for the first time in seven months in November as refiners returned from maintenance season. Elsewhere, China’s strategic crude oil reserves doubled in the period between the end of 2014 and mid-2015 to 190 million bbls and are expected to reach 550 million bbls by 2020.

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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.