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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, 15 April 16
U.S WEEKLY COAL OUTPUT FALLS ACROSS ALL BASINS - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.2 million short tons (mm ...
Thursday, 14 April 16
AUSTRALIAN MINING SERVICES SECTOR SQUEEZED BY MINERS' COST CUTS - FITCH RATINGS
Fitch Ratings says mining services companies' revenues and margins will remain under pressure as miners continue to focus on reducing costs ami ...
Thursday, 14 April 16
DRY BULKERS' PRICES COULD BE HEADING UPWARDS AS BUYERS' APPETITE INCREASES - HELLENIC SHIPPING NEWS
Investment sentiment is beginning to trend upwards in the market for second hand dry bulk carriers. According to the latest weekly report from ship ...
Wednesday, 13 April 16
U.S COAL PRODUCTION IS EXPECTED TO DECREASE BY 16 PER CENT IN 2016; THE LARGEST ANNUAL PERCENTAGE DECLINE SINCE 1958 - EIA
EIA estimates that U.S. coal production in March 2016 was 52 million short tons (MMst), a 2 MMst (4%) decrease from the previous month and 29 MMst ...
Tuesday, 12 April 16
INDONESIA COAL BENCHMARK PRICE INCREASES FOR SECOND STRAIGHT MONTH
COALspot.com: The Indonesia Coal Benchmark Price Increases For Second Straight Month in April 2016.
The Director General of Mine ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
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