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Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
 Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The current production cut schedule prior to OPECs meeting this past week, was supposed to last until March 2018, however it has come to light that it will now be extended until the end of 2018, in an attempt to prop up prices as many of OPEC’s members continue to feel strain from the low earnings generated by crude oil sales said Gerry Lathrop, Research Analyst at Allied shipping.
Gerry Lathrop further noted, what’s more is that Saudi Arabia, OPEC leading member, has to deal with ARAMCO’s planned IPO in 2018, which could greatly benefit from the higher crude oil prices. At the same time and in order for the Saudi Government to meet their government budget requirements and reduce their reliance on their cash reserves, are looking at a price target of around US$ 60 per barrel. This is contrary to Russia’s stance who would prefer oil prices to remain lower, and apparently would prefer a target of US$ 40 per barrel at the off chance that higher prices cause the US’s shale oil producers to head to the fields again. In addition to this, OPEC members Libya and Nigeria, who were previously exempt from production cuts, have now agreed to also cap production at their 2017 levels.
This of course can have a profound effect on the shipping side, where the mere talks of a production cut has oil traders rushing to their desks to close their next deal. In short, if oil prices start to show a trend of further price gains, oil traders and refiners will rush to book cargoes, so they can price their end products on competitive level and possibly benefit from a better profit margin, increasing demand in the crude market in the very short-term. In the long-term, if the price of oil also goes up, it is likely to dampen overall demand and cause a potential slowdown in trade. This negative effect however tends to be limited given that crude oil has fairly inelastic demand.
According to Gerry Lathrop of Allied, on the non-OPEC side of things, crude oil production in the US has hit a new record production level of 9.7 million barrels per day on average for the week ending November 17th, according to statistics from the US EIA. Similarly, crude oil imports from Venezuela to the Louisiana Offshore Oil Platform (LOOP) for the period of January to November 2017 are around 7 million barrels, which is almost 3 times as much as what we were seeing during the same time frame last year (2.5 million bbls). The main reason for importing so much Venezuelan crude seems to be mainly due to the lack of availability of Saudi Arabian heavy/sour crude resulting from their production cuts. According to US customs data, imports from Saudi are down 45% from 75 million barrels to 42 million barrels for the same 10-month period. This has undoubtedly caused much of the softening in the crude tanker market of late by removing many ton miles from the market.
In any case, it will be interesting to see which direction the market will trend come June of next year, as the tug of war continues between Russia’s stance on lower crude prices and Saudi’s preference for higher prices. We will probably see the price fall somewhere in between these respective price targets during most of 2018, while if prices increases above Saudi’s US$ 60 per barrel, a relatively swift ramp up in US shale oil production should help quickly push things back down. This points to the main risk by both OPEC and Russia, with any further cost efficiencies achieved by US shale producers allowing them to capture a higher market share and even make these production cuts irrelevant to the overall market.
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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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Showing 61 to 65 news of total 6871 |
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- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
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