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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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Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
Tuesday, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Planning Commission, India
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- White Energy Company Limited
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
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