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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, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
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Showing 1526 to 1530 news of total 6871 |
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- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
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