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Wednesday, 05 October 16
OPEC TO SHUT OFF MORE THAN 6 PERCENT OF ITS PRODUCTION; MIXED FEELING AMONGST TRADERS - ALLIED
 OPEC recent accord to shut off more than 6 percent of its production this past week has been met with mixed feeling amongst traders. As we moved closer to the day of the meeting its seems that the oil bulls were running rampant, driving prices for crude to levels that top just above the US$ 50 per barrel mark, said Allied ship broker in its latest weekly report.
According to Allied weekly report, the great paradox however was to be seen just moments after the much anticipated announcement of a cut in production, at which point we started to see prices are off slowly as many started to slowly voice concerns as to the impact this agreement would really have on the market and more specifically if it would actually be able to alter the oil imbalance now faced.
The Allied’s George Lazaridis further said, the truth of the matter is that we were seeing record production figures up until recently and an only 6 percent cut in OPEC ’s contribution does not sound like a lot being done, especially given the increased capacities expected to continue to be seen out of Iran and Libya. At the same time, this decision comes at a point where U.S. shale producers have started to greater vigour and have managed to push their output even at this year ’s low crude oil prices. What’s stopping them from increasing production further to the extent of covering any gap left behind by OPEC members.
Allied research further noted that, all this has at the moment left few convinced that there will be a real turnaround in the market over the coming months. It is no surprise therefore that we hearing officials from Russia saying that they plan to stick to a budget that assumes oil averages at a price of around US$ 40 a barrel. That also seems to be the consensus amongst most major investment banks which see the commodity struggling to hold firmly at prices above that level for long periods of time. On top of all of this many even see the agreement amongst OPEC members as little more than “hot air”, voicing concerns as to its effectiveness given the fact that as an organization it has often failed to meet targets, especially those that related to curbing production output.
George Lazaridis , Head of Market Research & Asset Valuations of Allied says, it seems as though the “cat has been let out of the bag ” and it’s proving an ever more difficult case to get it back in. It has been more than 22 months since the original decision to fully open the production taps and producing nations have already shifted in some way or another in order to face the new reality this has brought along with it. It has also shown how the Saudis have under estimated the resilience of the high prices producers (and in particular that o f U.S. shale oil ) having managed to price cut out of the market only a small fraction. Let’s not forget that the main purpose of their original strategy was to gain market share and eliminate some of the competition in order to end up with bigger control over the market. The only production projects that have truly bee n hit by the drop in price s has been the deep water offshore projects, most o f which found the new price reality unbearable.
There is still a lot at play here, but for now, it looks as though we are still set to remain hovering around these most recent price levels for the medium term. For most in shipping this can be seen as good news, helping keep bunker costs on the lower end of the spectrum and all owing a healthier demand level for the transportation of crude oil for the large tanker. There are however some, notably those with the more modern eco-ships which would have hoped for slightly higher increases in oil prices, something that would surely help to make these more economical ships more competitive in the market and possibly even create a greater push for older vessels to be scrapped sooner rather than later said Allied a Piraeus based ship broker.
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Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
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- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Romanian Commodities Exchange
- White Energy Company Limited
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
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