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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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- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- The University of Queensland
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Planning Commission, India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
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