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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
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