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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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- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Marubeni Corporation - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
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