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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, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
Monday, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
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- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
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