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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- The University of Queensland
- The Treasury - Australian Government
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
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