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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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Thursday, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
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Showing 1746 to 1750 news of total 6871 |
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- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
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