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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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Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
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- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- London Commodity Brokers - England
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
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