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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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Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
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Showing 1456 to 1460 news of total 6871 |
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- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Marubeni Corporation - India
- Aditya Birla Group - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Economic Council, Georgia
- The University of Queensland
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
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