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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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Tuesday, 17 May 16
INDONESIAN COAL PRICE REFERENCE DECLINE AGAIN
COALspot.com: The Indonesia Coal Benchmark Price declined in May 2016.
The Director General of Mineral and Coal of Indonesia, the regulator of ...
Tuesday, 17 May 16
CHINA THERMAL-POWER OVERSUPPLY TO WORSEN - FITCH
COALspot.com: The overcapacity in thermal-power generation in China is likely to worsen in 2016 to 2017, Fitch Ratings says in a new report.
F ...
Tuesday, 17 May 16
ON YOUR MARKS: TRACKING CHINESE TRADE - CLARKSONS
One of the major drivers behind the challenges currently facing many of the shipping markets has been slower demand growth. World seaborne trade gr ...
Monday, 16 May 16
INDONESIAN WEEKLY COAL INDICES AT POSITIVE LEVELS - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.31 percent week over week to averaging $38.94 per ton this past week, shows CS ...
Monday, 16 May 16
OPEC SEES RIVAL OIL PRODUCTION DECLINING
Crude Oil Price Movements
The OPEC Reference Basket averaged $37.86/b in April, a gain of $3.21 or 9.3%. This was 40% higher than the lows reache ...
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- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- PTC India Limited - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- The University of Queensland
- San Jose City I Power Corp, Philippines
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