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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, 23 August 17
THE STRONG IRON ORE TRADE ROUTES SUPPORT CAPESIZE SEGMENT - INTERMODAL
The upward trend in the Capesize segment is definitely being supported by the strong momentum in the key iron ore trade routes. The price of high-q ...
Tuesday, 22 August 17
WHAT IS A RELEASE CALL?
KNOWLEDGE TO ELEVATE
Joining a mutual P&I Club means each Member shares in the fortunes of that Club and its membership. The continuity of ...
Tuesday, 22 August 17
THOSE DOG DAYS OF SUMMER STEEL PRODUCTION IN CHINA - COMMODORE
COALspot.com: One popular but inaccurate narrative that makes the rounds every June and July (and occurred again this year) is that China’s s ...
Monday, 21 August 17
BANPU REVEALS FIRST HALF 2017 WITH STRONG RESULTS; SUPPORTED BY HIGHER COAL PRICES
Banpu Reveals First Half 2017 with Strong Results from Higher Coal Prices Gearing Up to the Era of New Energy with Banpu Greener & Smarter Stra ...
Monday, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
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Showing 1961 to 1965 news of total 6871 |
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- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- ASAPP Information Group - India
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Australian Coal Association
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
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