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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, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
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Showing 1511 to 1515 news of total 6871 |
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- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
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