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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, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- Interocean Group of Companies - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- White Energy Company Limited
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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