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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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Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
Wednesday, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
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Showing 1541 to 1545 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
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