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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, 16 May 16
THE FREIGHT MARKET WAS WEAK AND ALL SEGMENTS EXCEPT PANAMAX WERE DOWN
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
Friday, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
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Showing 2436 to 2440 news of total 6871 |
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- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- The University of Queensland
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
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