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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, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
Wednesday, 07 March 18
WHEN AN IRRESISTIBLE FORCE MEETS AN IMMOVABLE OBJECT - GARD
KNOWLEDGE TO ELEVATE
Negotiable bills of lading are fundamental to trade. As documents of title, they are essential to the sale and carriage o ...
Wednesday, 07 March 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The comparably small upside Handysize asset values have noted compared to other sizes since the historical lows of the dry bulk market in combinati ...
Tuesday, 06 March 18
FOREIGN INVESTORS ALLOWED TO BID FOR BIG MINING CONCESSIONS - THE JAKARTA POST
The government has allowed foreign investors to bid for mining concessions with a total area of more than 500 hectares, while smaller areas will be ...
Tuesday, 06 March 18
LNG VESSELS HAVE EMERGED AS THE FASTEST GROWING SEGMENT FOR THE WATERWAY - GERRY LATHROP
The day was July 25th 2016, a partly cloudy day on the Panama canal, and to most people a rather innocuous day without any real merit, however in s ...
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Showing 1786 to 1790 news of total 6871 |
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- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- PTC India Limited - India
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Marubeni Corporation - India
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
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