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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, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
Monday, 09 October 17
INDONESIAN COAL PRICE REFERENCE HITS NEW HIGH FOR 2017
COALspot.com: Indonesian coal benchmark price surges 2.13% in October month over month, the latest ministerial decree showed.
The benchmark pr ...
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Showing 1916 to 1920 news of total 6871 |
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- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
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