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Market Briefing
Michael Poulsen, A/S Global Risk Management Ltd.
15 Mar 2016 09:30 GMT





A/S Global Risk Management logo. Freeze Deal postponed, markets turning to inventory reports (Brent: $38.7).

Oil moved back below the $40-level yesterday as outlook for a soon-to-come Freeze Deal meeting between OPEC and non-OPEC countries was postponed till April and now most likely to exclude Iranian oil production as the country is fighting to regain market share. In addition, OPEC stated that it expect global demand for the organisation's oil would decline this year - to around 31.52 mio. barrels per day. However, OPEC February crude oil production was 32.28 mio. barrels per day, down 175,000 bpd from January. Saudi Arabia kept output steady, while Iraq and Nigeria were lower and Iran increased output.

Iranian exports to South Korea - the world's fifth largest crude importer - increased by 91% in February compared to last year to almost 270,000 barrels per day. Iran has been ramping up output after lifting of the international sanctions in January this year.

In Libya, militants have caused unrest near a major oil field producing more than half of Libya's oil output - which is now down to around 360,000 barrels per day after several years of unrest and fighting in the country.

Tonight, the weekly oil stocks data from the American Petroleum Institute will be followed closely - another build in crude, draws in distillates and gasoline stocks are expected. The data is published one day ahead of the official oil inventory report from the EIA.


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Company: A/S Global Risk Management Ltd.

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