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