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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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Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
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Showing 1346 to 1350 news of total 6871 |
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- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
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