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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, 19 February 16
U.S. WEEKLY COAL PRODUCTION ROSE 2.6% FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.2 million shor ...
Thursday, 18 February 16
INDIA NEEDS INTERNATIONAL SUPPORT ON HIGH EFFICIENCY COAL - WORLD COAL ASSOCIATION
Speaking at a conference in New Delhi today, World Coal Association Chief Executive Benjamin Sporton said the critical role of coal in driving econ ...
Thursday, 18 February 16
CHINA COAL SECTOR - 2015 RESULTS BLEAK, 2016 UNLIKELY TO BE ANY BETTER - FITCH
COALspot.com: China Coal Sector’s Financial Woes to Worsen in 2016.
Fitch Ratings says that the 2015 full-year result previews issued by ...
Thursday, 18 February 16
PANAMAX RATES OUT OF ECSA WERE STILL GAINING A PREMIUM OVER THE REST OF THE MARKET - INTERMODAL
The BDI moved further down last week, fact that hardly took anyone by surprise as the lunar year holidays in Asia on top of the already depre ...
Wednesday, 17 February 16
TAP ON OPPORTUNITIES IN GROWING ELECTRICITY DEMAND AND NEW COAL POWER PROJECT DEVELOPMENTS IN THE PHILIPPINES - IBC
Tap on Opportunities in Growing Electricity Demand and New Coal Power Project Developments in the Philippines
Coal Power Generation 2016
19- ...
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- The University of Queensland
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
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