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