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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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Wednesday, 27 December 17
SULPHUR EMISSIONS: THE OUTSTANDING CHALLENGES - UK P&I CLUB
The International Maritime Organization (IMO) has been working to reduce the harmful impacts of shipping on the environment.
It adopted Annex ...
Friday, 22 December 17
COAL INDIA BOARD CLEARS THE WAY FOR SCHEME FOR HARNESSING AND ALLOCATING KOYALA (COAL) TRANSPARENTLY IN INDIA - PIB
The Coal India Limited (CIL) Board cleared the decks for signing of Fuel Supply Agreement (FSA), for supply of coal.
According to Press Inform ...
Friday, 22 December 17
WILL THE DRY BULK INDUSTRY BECOME PROFITABLE IN 2018? - PETER SAND, BIMCO
As the dry bulk fleet is already expected to grow at a pace that matches demand growth expected in 2019, focus must be on improving the fundamental ...
Friday, 22 December 17
ESTIMATED U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 21 December 17
COAL CONSUMPTION DROPS AS GAS AND RENEWABLES CHEW INTO TRADITIONAL MARKETS - BABS MCHUGH
"The share of coal in the global energy mix is forecast to decline from 27 per cent last year to 26 per cent in 2022"
Global demand ...
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Showing 1841 to 1845 news of total 6871 |
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- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Planning Commission, India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
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