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Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
 In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia and the United States more than compensating for falls in production in Iran, Venezuela and elsewhere. New data show that the pace has accelerated, and this higher output, in combination with Iranian sanctions waivers issued by the US and steady demand growth, implies a stock build in 4Q18 of 0.7 mb/d. Already, OECD stocks have increased for four months in a row, with products back above the five-year average. In 1H19, based on our outlook for non-OPEC production and global demand, and assuming flat OPEC production (i.e. losses from Iran/Venezuela are offset by others), the implied stock build is currently 2 mb/d.
In the August edition of this Report we described the replacement of Iranian and Venezuelan barrels as “challenging”, and that there was a danger of prices rising too high too fast. Producers have heeded the warnings and more than met the challenge and today, the Big Three, Russia, Saudi Arabia and the United States, all see output at record levels. Total non-OPEC production in August, the latest month for which we have consolidated data, was 3.5 mb/d higher than a year ago, with the United States contributing an extraordinary 3.0 mb/d. Russia’s crude output has hit a new record of 11.4 mb/d, with companies suggesting that they could produce even more.
In early October, the price of Brent crude oil reached a four-year high above $86/bbl, reflecting the legitimate fears of market tightness. In our view, this was a dangerous “red zone” and it justified calls for producers to raise output. Today, the price has fallen to a more reasonable level close to $70/bbl, well below where it was in May before the US announced its change of policy on Iran. Lower prices are clearly a benefit to consumers, especially hard-pressed ones in developing countries that are suffering from the additional handicap of weak national currencies. For now, forecasts of oil demand growth remain solid with an increase of 1.3 mb/d this year and an increase to 1.4 mb/d in 2019, even though the macro-economic outlook is uncertain.
We should also recognise the interests of the producers. For many countries, even though their output might have increased, prices falling too far are unwelcome. Ministers from the Vienna Agreement countries will meet in early December, but we have already seen suggestions from leading producers that supply could be cut soon if customers, seeing ample supply, rising stocks, and slumping refining margins, request lower volumes.
Although the oil market appears to be more relaxed than it was a few weeks ago, and there might be a sense of “mission accomplished” that producers have met the challenge of replacing lost barrels, such is the volatility of events that rising stocks should be welcomed as a form of insurance, rather than a threat. The United States remains committed to reducing Iranian oil exports to zero from the 1.8 mb/d seen today; there are concerns as to the stability of production in Libya, Nigeria and Venezuela; and the tanker collision last week in Norwegian waters, although modest in impact, is another reminder of the vulnerability of the system to accidents.
The response to the call by the IEA and others to increase production is a reminder that the oil industry works best when it works together. Regular contacts between key players are essential in creating understanding, and even though oil diplomacy has succeeded so far this year, it needs to be maintained to ensure market stability.
Source: IEA
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Saturday, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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Showing 1266 to 1270 news of total 6871 |
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- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
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