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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
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