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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, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-in ...
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- Formosa Plastics Group - Taiwan
- The University of Queensland
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
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