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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, 04 April 16
INDONESIA CS57 COAL INDEX SLIDES SLIGHTLY WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.07 percent week over week to averaging $38.88 per ton on this past Friday, ac ...
Monday, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
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- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
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