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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, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
Monday, 16 April 18
MINISTER IGNASIUS JONAN SPEAKS HIS MIND AT INDONESIA MINER - IAN WOLLFF
The Minister for Energy and Mineral resources, Ignasius Jonan, delivered a key note address at the Indonesia Miner conference in Jakarta on the 11 ...
Thursday, 12 April 18
THE PERFECT STORM FOR THE BIG SHIPS - THE BALTIC BRIEFING
Capesize
The perfect storm for the big ships: with holidays, force majeure in two ore exporting ports and bad weather undermining the market. A l ...
Thursday, 12 April 18
SHIPPING CAN MANAGE US-CHINA TARIFFS, BUT RISKS RISING - FITCH
Container and, to some extent, dry bulk would probably be the shipping segments most affected by the recently announced US and China tariffs, Fitch ...
Thursday, 12 April 18
SUPRAS HAVE FIXED MID $11K FOR AN INDO RV TO S. CHINA DELIVERY PHILIPPINES - FEARNLEYS
Supramax
Slow week with little light for improving rates. ECSA to Far East still around $15k + bb and same to Med ca $14k, says Fearnleys in its ...
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Showing 1741 to 1745 news of total 6871 |
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- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Economic Council, Georgia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
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