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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 February 18
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
The second month of the year is traditionally a particularly interesting one for the shipping industry as a whole and even more importantly for the ...
Monday, 12 February 18
PANAMAX: WITH LIMITED FRESH ENQUIRY IN ALL AREAS, SPOT MARKET RATES DRIFTED LOWER THROUGHOUT THE WEEK - BALTIC BRIEFING
Capesize
A switch to the Atlantic with rates firming as charterers seemed keen to fix and tonnage was tight, prompting a recovery in rates. Trans ...
Monday, 12 February 18
WORLDWIDE: 'DEMURRAGE CLAIMS' FOR THE PURPOSES OF DOCUMENTARY TIME BARS
KNOWLEDGE TO ELEVATE
On 2 February 2018 the Commercial Court allowed an appeal from a decision of the Arbitration Tribunal in Lukoil Asia Paci ...
Saturday, 10 February 18
COAL INDIA ON PATH OF SUSTAINABLE PRODUCTION GROWTH AND SUPPLY TO POWER AND NON POWER SECTOR - PIB
Supply of 371.8 MT of Coal to Power Sector and 103.1 MT Coal to Non-Power Sector Achieved in 2017-18 Till January,2018 Average Rake Loading To The ...
Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
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Showing 1806 to 1810 news of total 6871 |
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- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
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