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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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Sunday, 31 January 16
BDI CONTINUED ITS FALL AND CLOSE AT A FRESH RECORD LOW ON FRIDAY
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertilizer, continued it ...
Friday, 29 January 16
INDONESIAN BENCHMARK COAL PRICE SETTLES DOWN $ 0.31, OR 0.58%, AT $ 53.20 A TON
COALspot.com: Low coal demand and excess supplies sent Indonesian benchmark coal price further down in January 2016. HBA has slumped by 0.58 ...
Friday, 29 January 16
U.S. COAL PRODUCTION OFF 2 PERCENT FROM LAST WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.1 milli ...
Thursday, 28 January 16
COAL REMAINS THE NO.1 FUEL FOR POWER GENERATION - EXXONMOBIL
COALspot.com: Energy demand trends from 2010 to 2040 are expected to vary significantly around the world, as countries move along very different tr ...
Thursday, 28 January 16
WHAT ARE THE PROSPECTS FOR COAL IN LIGHT OF THE PARIS CLIMATE AGREEMENT? - GERMAN COAL IMPORTERS ASSOCIATION
This depends – says the VDKi – to a very great extent on who you want to believe more, the United Nations or the International Energy A ...
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- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- PTC India Limited - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
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