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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
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Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
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