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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, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
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Showing 1421 to 1425 news of total 6871 |
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- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- White Energy Company Limited
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Thai Mozambique Logistica
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
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