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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, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
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Showing 2526 to 2530 news of total 6871 |
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- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Planning Commission, India
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