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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
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Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Gujarat Sidhee Cement - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- White Energy Company Limited
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
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