Oil Cover

Oil Market Snapshot – March 2014

  • Average Brent oil price stable around $108/bbl in March
  • Despite signs of a slowing Chinese economy, the world economy is projected to grow by 3.7% in 2014 (IMF)
  • Developments in Crimea only had a minor impact on oil prices (short-lived $2-3/bbl spike)
  • World oil supply jumped up by 600,000 b/d in February, mostly from Iraq
  • Oil Market fundamentals are robust; well supplied market could add some downward pressure on prices
  • CAPEX cuts across the Oil industry likely to limit majors’ production growth in 2-3 years from now
  • Upward revision of the IEA’s “oil-weighted” US dollar to weigh on international oil prices this year

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