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