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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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Tuesday, 23 May 23
INDIA: COAL OUTPUT UP 8.9%, SUPPLY RISES 11.7% IN APRIL - FINANCIAL EXPRESS
India’s coal production jumped 8.85% to 73.14 million tonne (MT) in April 2023 and the total coal despatch during the month went up 11.66% to ...
Tuesday, 23 May 23
CHINA COAL OUTPUT UP 4.5 PCT IN APRIL - XINHUA
China’s raw coal output posted stable expansion in April, official data showed.
The country produced 380 million tonnes of raw ...
Saturday, 20 May 23
NON-OPEC OIL SUPPLY DEVELOPMENT - OPEC
In 2022, non-OPEC supply is estimated to have increased by 1.9 mb/d y-o-y. Out of this, US liquids production increased by 1.2 mb/d, mainly on the ...
Saturday, 20 May 23
GLOBAL COAL TRADE HAS REALLY PICKED UP PACE IN RECENT MONTHS, NOW FULLY BACK TO PRE-COVID LEVELS - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels. In Jan-Apr 2023, total global seaborne coa ...
Saturday, 20 May 23
MARKET INSIGHT - INTERMODAL
India is one of the world's largest coal producers and one of the world's largest importers of coal. The country uses coal mainly for power ...
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Showing 101 to 105 news of total 6871 |
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- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- PTC India Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
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