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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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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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Showing 1391 to 1395 news of total 6871 |
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- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
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