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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
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