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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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Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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Showing 1311 to 1315 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- White Energy Company Limited
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Planning Commission, India
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
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