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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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Showing 91 to 95 news of total 6871 |
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- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Planning Commission, India
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- PTC India Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
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