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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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Tuesday, 15 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 Co ...
Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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Showing 1316 to 1320 news of total 6871 |
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- White Energy Company Limited
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Economic Council, Georgia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Marubeni Corporation - India
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