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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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Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
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Showing 1516 to 1520 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Planning Commission, India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Medco Energi Mining Internasional
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
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