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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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- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- White Energy Company Limited
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
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