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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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Wednesday, 09 March 16
U.S. COAL EXPORTS DECLINED 24% (74 MMST) IN 2015; COAL PRODUCTION IS EXPECTED TO DECREASE BY 111 MMST IN 2016 - EIA
U.S. Coal Supply
EIA estimates that U.S. coal production for February 2016 was 54 million short tons (MMst), a 4 MMst (7%) decrease from the prev ...
Wednesday, 09 March 16
RI MAY HAVE TO IMPORT COAL FOR FUTURE POWER PLANTS: STUDY - THE JAKARTA POST
With coal prices continuing to decline, Indonesia will struggle to provide the coal needed to fire up its power stations in the near future, a stud ...
Tuesday, 08 March 16
INDONESIA HIKES COAL BENCHMARK PRICE FOR THE FIRST TIME IN 12 MONTHS
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further deep in February 2016, but up slightly in Mar ...
Tuesday, 08 March 16
THE DRY CARGO MARKET ENDURED ONE OF ITS MOST DIFFICULT YEARS IN 2015, EXPERIENCING LOWS NOT SEEN SINCE THE MID 1980S - CLARKSONS
Whilst shipping and offshore markets have seen some good opportunities during 2015, overall there have been unprecedented challenges, so we are ver ...
Monday, 07 March 16
INDONESIAN 5700 GAR COAL INDEX DECLINE $0.05 A TON WEEK OVER WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 0.28 percent week over week to averaging $38.66 per ton on this past Friday, ...
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- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Planning Commission, India
- The University of Queensland
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
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