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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
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