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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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Showing 86 to 90 news of total 6871 |
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- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- PTC India Limited - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
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