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Wednesday, 16 March 16
OIL SUPPLY OUTPACES DEMAND ON ANY GIVEN DAY, AND BILLIONS OF BARRELS OF OIL ARE BEING STORED RATHER THAN CONSUMED - CHRISTOPHER
 Oil producers have turned to the concept of limiting their output to January levels as a certain form of action to boost prices that have fallen more than 70% since the middle of 2014. Oil supply outpaces demand on any given day, and billions of barrels of oil are being stored rather than consumed. As a result, oil prices have collapsed to as low as $26 per barrel in February, from well over $100 in 2014.
It is interesting that currently, Iran and Iraq both play an important role in the contemplated production freeze. Iran has already been increasing production and the country’s position is that it would consider oil-production caps only after the country’s output rises back to the levels before the West imposed sanctions over its nuclear program.
Basically Iran wants to increase production now, in an attempt to revive their share in the global markets, before they even consider discussing about participating in an output freeze. Iraq also has a longstanding policy of seeking to raise production regardless of the price-stabilizing policies of the OPEC.
Russia said that OPEC’s meeting with other key oil producers regarding an output freeze will probably be held in Doha, Qatar in April. They said that Iran supports the plan, while Tehran says it wants to double its crude exports to 4 million bpd first.
However, in reality according to the latest oil market data, both Russia and Saudi Arabia ramped up their oil production in February, despite talks about supply caps. Russian oil supply reached a new high of 11.08 million barrels a day in February, and Saudi Arabia during the same month increased its daily output by 14,000 barrels, to 10.14 million barrels per day, according to OPEC's analysis of market sources.
Generally speaking, countries are less willing to freeze and especially to cut production, because doing so means giving up market share for their oil, which might be hard to win back especially during this transition period. The four major oil powers, Saudi Arabia, Russia, Venezuela and Qatar, are heavily involved in the various discussions and the coordinated efforts will probably include soon also non OPEC countries such as Oman, Kazakhstan and Azerbaijan.
Assuming all are on board, the oil glut could begin to ease, particularly with American output on the decline. Or at least that is what they anticipate with this concept.
The fact is that a two million barrel-per-day surplus in oil supplies will continue to weigh on prices in the short term and even if these countries freeze output, they would still need more drastic efforts to support prices in the long term.
From my own perspective, it looks like their ultimate goal is to reach a certain consensus and, if they actually get there, I would expect them to quickly focus on actually reducing production in the long term. In any case, analysts estimate that maintaining production at current levels will probably not have a significant effect on prices.
Christopher Thomas Whitty
Marketing Manager - Towage & Port Agency
Cotzias Intermodal Shipping Inc
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 30 May 16
BCI ENDING AT 830 POINTS, DOWN 4.6 PER CENT W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week. The freight market was weak this past ...
Friday, 27 May 16
PET-COKE IMPORTS TO FACE PRESSURE IN INDIA
COALspot.com: An Indian environmental activist moved the National Green Tribunal seeking ban on the use of all forms of petroleum coke, also called ...
Friday, 27 May 16
US COAL PRODUCTION ROSE 2.9% WOW, ACCORDING TO EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.7 million short tons (mm ...
Thursday, 26 May 16
GIANT ORE CARRIERS SET TO PLAY A BIGGER ROLE IN THE GLOBAL SHIPPING FLEET: CHINA EMBRACES VALEMAXES - RICHARD SCOTT
Another phase of the giant ships era is approaching. Chinese shipowners placed orders recently for 30 huge ‘valemax’ ore carriers. Thes ...
Wednesday, 25 May 16
MEDIATION AS A WAY TO RESOLVE DISPUTES IN THE SHIPPING INDUSTRY - LANA JACOBS
KNOWLEDGE TO ELEVATE
The shipping market is currently experiencing a serious recession with the Baltic Dry Index and Baltic Capesize Index bot ...
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- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Planning Commission, India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
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