Global economic growth in 2015 remains unchanged at 3.4%. The OECD growth estimate is unchanged at 1.8% for 2014 and 2.2% in 2015.Oil market highlights 1 Feature article 3 Crude oil price movements 5 Commodity markets 11 World economy 16 World oil demand 39 World oil supply 48 Product markets and refinery operations 65 Tanker market 72 Oil trade 76 Stock movements 84 Balance of supply and demand 92.On the other hand, the presence of lower oil prices in addition to the expectation of the hotter summer season in the country should keep demand for power generation above average.
In its May Monthly Oil Market Report OPEC lays the blame for the dramatic sell-off in oil commodity markets 5 May on profit taking following margin calls.This is the 13th consecutive week of total decline and the lowest reading since the week ending 31 December 2009, according to the latest Baker Hughes survey.Meanwhile, the manufacturing PMI fell to its contraction territory last month, posting 49.6. The index reading of January was 50.7. The survey showed a marginal slowdown in new orders, while prices rose on the depreciation of the Brazilian real.Freight rates for tankers operating on the Middle East-to-East route declined by 13% to average WS60 points.The low interest rate environment in key advanced economies has encouraged foreign investments and higher growth in the emerging economies.Middle distillate cracks continued their recovery in the European market.The economy added nearly 400,000 new jobs since March 2014, according to the Iranian Ministry of Cooperatives, Labour and Social Welfare.
A recent government report indicates that the government will promote PPPs as a major stabilizing measure in 2015.Hence, the bulk of increases concerned transportation fuels and feedstock for the petrochemical industry.Nevertheless, the production outlook for the coming months is uncertain.All this points at a still challenging situation and it remains to be seen whether exports continue at the current pace and whether the domestic situation improves.Mar 14 Apr 14 May 14 Jun 14 Jul 14 Aug 14 Sep 14 Oct 14 Nov 14 Dec 14 Jan 15 Feb 15.Transportation fuels are anticipated to be the main contributors to growth.At least for now, the deceleration of global output seems to have stabilized, although many risks remain, particularly in the Euro-zone.
Mediterranean-to-Mediterranean and Mediterranean-to-Northwest Europe Aframax rates each rose by 13% to average WS128 points and WS120 points, respectively.Similar to diesel, fuel oil consumption was on the rise as persisting drought conditions in the parts of the country encouraged additional use of fuel oil to compensate for hydro-electrical power reduction.The VLCC class saw limited activity at the beginning and end of the month with no strong flows of cargoes seen for March requirements.This was mostly driven by upward changes in 4Q14 for OECD countries such as the US, Canada and Norway, as well as Malaysia, Thailand, Colombia, Yemen, Russia and China, and partially offset by downward revisions for FSU Others, the Sudans, Latin America Others, Norway and Mexico.It fell by 0.7% y-o-y, after already limited growth of 1.2% in January.
Chinese oil demand is bound to uncertainty because of new government policies aimed at reducing transport fuel use.This drop in crude export volumes came following a recovery seen one month earlier, after three months of zero exports.
Opec Monthly Oil Market Report January 2017 YoutubeThe growing importance of monetary policies, as well as continuing high debt levels in some key economies and a variety of structural deficiencies, mainly in emerging and developing economies, have all led to a global growth level that still remains below its potential.The situation in the east did not differ much as lower product trade during the holidays was mainly seen to dampen tonnage demand.In its Monthly Oil Market Report for December, released Wednesday morning, the Organization of the Petroleum Exporting Countries (OPEC) noted that the.
OPEC monthly market report spooks oil markets - UPI.comIn addition, colder weather boosted heating fuel demand, thus opening arbitrage opportunities and supporting the light and middle distillate crack spreads in the region.
OPEC Report: World Refining Outlook | Oil and Gas IQ
The manufacturing sector continued its overall strong performance last month with the index at 55.6, despite being lower than the 56.1 registered a month earlier.However, many companies have minimised their cash costs and some have delayed, postponed or cancelled future projects entirely.The PMI for the important services sector also increased to 53.8 in February, after 52.7 in January and 51.6 in December.It fell by 2.2% y-o-y in January, after a rise of 0.2% y-o-y in December.Spending on new North Sea projects by the majors is expected to plunge by a third this year, due to lower oil prices, rising operating costs and a heavy tax burden.
World economic growth for 2014 is now seen at 3.3%, up from growth of 3.2% in the previous report.The new OPEC Monthly Oil Market Report is out with crude only production numbers for August 2016.