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