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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- VISA Power Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- The University of Queensland
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
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