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Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that these sovereigns fall into three categories, Fitch Ratings says.
Lower oil prices will primarily affect sovereign credit fundamentals through their fiscal and external positions. They generally pose the greatest risk to the credit profiles of sovereigns with high fiscal breakeven prices and that are already running fiscal deficits, such as Bahrain, Angola, Venezuela, and Ecuador.
The least vulnerable Fitch-rated sovereigns are Kuwait, Abu Dhabi, and Norway. As high per capita producers, they need to devote less of their oil revenues to meeting their populations' needs, giving fiscal breakeven oil prices well below prevailing prices. Large buffers have been built in recent years and these sovereigns should continue to record fiscal and external surpluses and strengthen buffers even if oil prices settle at current levels.
A third category exists for whom lower oil prices would push fiscal surpluses or close-to-balanced budgets into deficits from 2015, eroding fiscal and external buffers. For these sovereigns, ratings pressures could build in 2015 if prices do not recover but how quickly and to what extent this happens will depend on various factors, including the size of existing buffers (Saudi Arabia has the largest buffers in this category), the broader impact of cheaper oil on commodity-dependent economies (including those with significant buffers, like Russia), and policy responses that may accentuate or contain the impact of falling oil prices.
Policy responses could also contain the direct impact of prices on the most vulnerable sovereigns, although these may have knock-on effects on the sovereign credit profile.
Oil prices have fallen sharply, with Brent crude dropping from USD115/b in mid-June to close to USD80/b.
Fitch’s full report 'Oil: Fiscal Breakevens are a Key Guide to Exporter's Sovereign Credit Risk' is available to subscribers at www.fitchratings.com or by clicking the link.
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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- The University of Queensland
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
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