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Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
 This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 on 5 March. Meanwhile, new and revised data shows a modest tightening of the balance in the early part of 2018, but the main message remains unchanged from last month and it is very clear: in 2018, fast rising production in non-OPEC countries, led by the US, is likely to grow by more than demand. For now, the upward momentum that drove the price of Brent crude oil to $70/bbl has stalled; partly due to investors taking profits, but also as part of the corrections we have seen recently in many markets. Most importantly, the underlying oil market fundamentals in the early part of 2018 look less supportive for prices.
Our demand growth estimate for 2017 remains strong at 1.6 mb/d, reinforced by November data for the US. For 2018, the more positive global economic picture published by the International Monetary Fund is a key factor in raising our growth outlook to 1.4 mb/d. It was thought that the significant increase in the dollar price of crude oil since the middle of 2017 would dampen growth, and this might be the case to some extent, but the impact of higher prices has been partly offset in some countries by currency appreciations.
It is clear that strong demand growth in 2017, alongside a modest increase last year in non-OPEC output, and the cuts made by leading producers, has contributed to the extraordinarily rapid fall in OECD oil stocks. A year ago, they were 264 mb above the five-year average and now they are only 52 mb in excess of it, with stocks of oil products actually below the benchmark. Although the OECD is not the whole world, the leading oil producers who agreed to cut output identified the level of the group’s stocks as an indicator of the progress of their initiative. With the surplus having shrunk so dramatically, the success of the output agreement might be close to hand. This, however, is not necessarily the case: oil price rises have come to a halt and gone into reverse, and, according to our supply/demand balance, so might the decline in oil stocks, at least in the early part of this year.
The main factor is US oil production. In just three months to November, crude output increased by a colossal 846 kb/d, and will soon overtake that of Saudi Arabia. By the end of this year, it might also overtake Russia to become the global leader. All the indicators that suggest continued fast growth in the US are in perfect alignment; rising prices leading, after a few months, to more drilling, more completions, more production, and more hedging. In early 2018, the situation is reminiscent of the first wave of US shale growth that, riding the tide of high oil prices in the early years of this decade, made big gains in terms of market share and eventually in 2014 forced a historic change of policy by leading producers. Today, having cut costs dramatically, US producers are enjoying a second wave of growth so extraordinary that in 2018 their increase in liquids production could equal global demand growth. This is a sobering thought for other producers currently sitting on shut-in production capacity and facing a renewed challenge to their market share. Another sobering thought is that it is not just a matter of production: trade patterns are changing. Recently we read of a shipment of condensate from the US to the UAE. Such a development would have seemed incredible a few years ago, now it looks like the shape of things to come.
The components of the oil market balance are dynamic and a lot can change in the next few months: the deteriorating situation in Venezuela is one obvious candidate, and the apparent buoyancy of the global economy could deliver higher demand growth than we currently anticipate. As a result, prices could be maintained at recent levels even as US production rises. If so, most producers will be happy, but if not, history might be repeating itself.
Source: IEA
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Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
Tuesday, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
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Showing 1636 to 1640 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
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