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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, 28 March 18
RIO TINTO TO SELL KESTREL MINE FOR $2.25 BILLION - REUTERS
Rio Tinto sold its remaining coal asset Kestrel in Australia to private equity manager EMR Capital and Indonesia’s Adaro Energy Tbk for $2.25 ...
Tuesday, 27 March 18
SHIPPING MARKET ANALYSIS - GERRY LATHROP
With the almost complete phase out of Tier II new-building slots on our door step, along with the plethora of emissions related articles seemingly ...
Friday, 23 March 18
RIO TINTO AGREES SALE OF HAIL CREEK AND VALERIA TO GLENCORE FOR $1.7 BILLION
Press Release: Rio Tinto has entered into a binding agreement with Glencore for the sale of its entire interests in the Hail Creek coal mine and th ...
Wednesday, 21 March 18
CHINA'S RAW COAL OUTPUT UP IN 2017, FIRST GROWTH SINCE 2014 - XINHUA
China’s raw coal output rose in 2017 due to rebounding demand and high-quality capacity, according to the National Bureau of Statistics (NBS) ...
Wednesday, 21 March 18
MARKET INSIGHT - CHRISTOPHER T. WHITTY
President’s Trump administration proposed tariffs on steel and aluminum imports in an attempt to target China and Europe among others. Earlie ...
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Showing 1761 to 1765 news of total 6871 |
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- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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