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Friday, 30 September 16
OPEC CUT SUPPORTS SLOW OIL RECOVERY, NOT STRONG REBOUND - FITCH
 OPEC's oil production target announced this week signals the potential for greater co-ordination among its members, but the target itself is largely symbolic, Fitch Ratings says. The announcement supports our view that oil prices will continue their recovery, but does not make a strong rebound materially more likely.
OPEC members agreed a production target of 32.5m-33.0m b/d at a meeting in Algiers on Wednesday "to accelerate the ongoing drawdown of the stock overhang and bring... rebalancing forward." A high-level committee will recommend member country production levels and there will be "serious and constructive dialogue" with non-member producers on how to stabilize the oil market. OPEC will consider the outcomes at its 30 November meeting in Vienna.
The target implies a production cut of between 240,000 b/d and 740,000 b/d from August levels. This would be the first agreed cut since 2008, and it indicates a slightly greater propensity to co-operate between OPEC's members to support prices.
This reduces downside risk to oil prices and reinforces our expectation that the stabilisation and recovery since the beginning of the year will continue. This is reflected in our forecasts for average prices for Brent and WTI of USD45/b in 2017 and USD55/b in 2018.
Our view incorporates a market that will on average be broadly balanced next year. This reflects demand improvement combined with modest production curtailments outside OPEC, principally in the US (the US Energy Information Administration this month forecast US crude oil production will drop to 8.8m b/d in 2016 from 9.4m b/d in 2015). While the OPEC cut, if agreed, makes a modest deficit more likely next year, this will not be enough to normalise OECD stock levels, which OPEC estimates at 341 million barrels above their five-year average.
More detailed discussions over the next two months will test the willingness of OPEC members to co-operate to reduce production. The envisaged reduction may well be achieved via seasonal falls in production (for example, in the Gulf where changes in domestic consumption patterns traditionally cause a substantial drop in production between August and November).
OPEC's announcement pushed oil prices higher, but they have since retraced some of their gains, and are below the year-to-date peak seen in early summer. Weaker-than-anticipated demand so far in 2016 may limit price increases. The International Energy Agency reduced its forecast for global demand growth by 0.1m b/d earlier in September, and said that momentum would ease further in 2017 "as underlying macroeconomic conditions remain uncertain."
Fitch's long-term expectations for both Brent and WTI of USD65/b reflect our view on the long-run marginal cost of supply. The oil price fall seen since 2014 has been a key driver of sovereign rating changes this year, although the recovery has eased broader macro pressures across emerging markets. Prices of USD40/b-USD50/b allow the majority of Fitch-rated corporate oil producers to cover their cash production costs, and a portion of their sunk costs, but remain below full-cycle costs for most producers.
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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
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