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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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Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
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Showing 2426 to 2430 news of total 6871 |
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- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
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