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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, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
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Showing 1776 to 1780 news of total 6871 |
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- Orica Mining Services - Indonesia
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Planning Commission, India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
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