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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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Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
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Showing 1531 to 1535 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
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