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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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Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
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Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
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Showing 1646 to 1650 news of total 6871 |
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- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Economic Council, Georgia
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