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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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Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
Sunday, 24 January 16
PANAMAX MARKET WEAKENS ACROSS THE BOARD
COALspot.com: The Baltic Dry Index, which gauges the cost of shipping dry bulk including iron ore, cement, grain, coal and fertiliser, fell ninetee ...
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- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Economic Council, Georgia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
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