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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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Showing 106 to 110 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
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