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