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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
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