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Wednesday, 27 July 16
GLOBAL OIL SUPPLY IS EXPECTED TO REMAIN HIGHER THAN GLOBAL CONSUMPTION IN 2016 - CHRISTOPHER WHITTY
 Global oil supply is expected to remain higher than global consumption in 2016, keeping oil prices at relatively low levels this summer compared with previous years. Oversupply and growing economic headwinds are weighing down heavily on oil worldwide. According to the U.S. Energy Information Administration (EIA), Brent crude oil prices are forecast to average $35/b in summer 2016, $21/b lower than last summer. The monthly average spot price of Brent crude oil increased by $2/b in June to $48/b, which was actually the highest monthly average for Brent since October 2015. This was the fifth consecutive increase in the monthly average Brent price, the longest such stretch since May through September 2013.
In the U.S., commercial crude oil weekly inventories have increased by more than 71 million barrels (15%) since the end of September 2015, pushing crude oil storage capacity utilization to a near record high according to EIA. The large increase in crude oil storage capacity in the States between September 2015 and March 2016 was prompted by increased demand for crude oil storage as global supply has outpaced global demand for most of the past two years.
In S.E. Asia, predominantly Singapore and Malaysia, the volumes of oil stored at sea also appear to have increased significantly. There is still a large fleet of VLCCs off Singapore anchored in nearby areas for storage use. There is a major concern that there is still a considerable quantity of physical crude oil stored in the area especially during the last few months.
This is actually the fourth time during the last three decades, that we have a major crash in oil prices. OPEC countries today, refuse to actually cut back or agree to limit production in order to boost prices. In the past, that tactic was a good solution but today OPEC is facing its own challenges. For Saudi Arabia and the remaining Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar and United Arab Emirates), which together account for around 40% of the world's oil reserves and the lion's share of OPEC's collective output, their future oil strategy should be an exclusively GCC affair, away from the stress and dysfunction of OPEC. We see huge developments and the continued existence of OPEC being in peril.
The conflict within the OPEC group over a coordinated cut in output has led to intense international pressure on Saudi Arabia. The meeting of oil producers in Doha in April basically led to more claims of Saudi Arabia’s intolerance, despite the fact that Saudi Arabia has the largest excess oil capacity in the world by an enormous degree.
We have, in fact, passed the point where OPEC's key member Saudi Arabia can any longer dictate oil prices. Saudi Arabia might have hinged on the respect it received from OPEC members, which gave it control over OPEC outputs and de-facto control of 40% of world oil output, way more than its share.
That status quo guaranteed a steady oil supply which, in turn, fueled economic exchanges and progress during the last half-century with an unprecedented increase in prosperity worldwide. We are now transitioning to a time where open trading on world markets has more impact on oil prices than the attempts of OPEC to establish artificial restricted supply.
By Christopher Whitty
Commercial 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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Parliament of New Zealand
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- White Energy Company Limited
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
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