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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- The University of Queensland
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
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