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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, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
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Showing 1521 to 1525 news of total 6871 |
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- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
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