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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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Wednesday, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
Monday, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
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Showing 1701 to 1705 news of total 6871 |
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- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- The University of Queensland
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Australian Coal Association
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
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