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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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Tuesday, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
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